Palantir Technologies Inc ( PLTR ) shares are making new highs on Tuesday after the company reported strong quarterly results driven by “unrelenting” AI demand.

Q3 Revenue: $725.52 million, beating the consensus estimate of $701.13 million

Q3 EPS: 6 cents, versus estimates of 4 cents

Palantir ( PLTR ) reported 30% year-over-year revenue growth in the quarter propelled by continued strength in the U.S. The company said U.S. revenue grew 44% year-over-year as U.S. Commercial revenue jumped 54% and U.S. Government revenue climbed 40% year-over-year.

The company beat analyst estimates on the top and bottom lines for the fifth consecutive quarter as margins expanded for the eighth straight quarter, and the company guided for continued GAAP operating income and net income in each quarter this year.

Customer count grew 39% year-over-year and 6% on a quarter-over-quarter basis. The company said it closed 104 deals worth over $1 million during the quarter.

“The growth of our business is accelerating, and our financial performance is exceeding expectations as we meet an unwavering demand for the most advanced artificial intelligence technologies from our U.S. government and commercial customers," Alex Karp, co-founder and CEO of Palantir ( PLTR ), said in a letter to shareholders.

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Guidance: Palantir ( PLTR ) sees fourth-quarter revenue in the range of $767 million to $771 million, versus estimates of $741.44 million. The company also raised full-year guidance across its key metrics.

Palantir ( PLTR ) now expects full-year revenue in the range of $2.805 billion to $2.809 billion versus estimates of $2.759 billion, and full-year U.S. commercial revenue in excess of $687 million, representing growth of at least 50%. The company now expects adjusted free cash flow to be in excess of $1 billion for the year.

"We absolutely eviscerated this quarter, driven by unrelenting AI demand that won't slow down. This is a U.S.-driven AI revolution that has taken full hold. The world will be divided between AI haves and have-nots. At Palantir ( PLTR ), we plan to power the winners," Karp said.

Following the print, Wedbush analyst Dan Ives maintained an Outperform rating on the stock noting that Palantir ( PLTR ) delivered “another robust quarter featuring beats across the board.”

"Despite the skeptics honing in on valuation for the past year, this was a major quarter to prove that PLTR’s partner ecosystem expansion and AIP bootcamps hit another gear," Ives said.

PLTR Price Action: Palantir ( PLTR ) shares were up 15.7% at $47.93 at the time of publication Tuesday, according to Benzinga Pro.

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