05:04 PM EDT, 05/06/2024 (MT Newswires) -- Palantir Technologies ( PLTR ) late Monday reported first-quarter revenue that beat analysts' estimates, while the software maker raised its full-year guidance.

Revenue climbed 21% year-over-year to $634.3 million, exceeding the Capital IQ-polled consensus of $617.6 million. Adjusted per-share earnings rose to $0.08 during the three months ended March 31 from $0.05 a year earlier, in line with Wall Street's view.

The number of customers climbed 42% year-over-year, buoyed by a 69% jump in the US commercial count. Consolidated commercial revenue advanced 27% to $299 million, driven by a 40% surge in the US. Sales from the overall government division increased 16%.

The stock, however, was declining 7.2% in after-hours trade.

For 2024, Palantir ( PLTR ) forecast revenue of $2.68 billion to $2.69 billion, up from $2.65 billion to $2.67 billion previously expected. Market projections point to $2.68 billion. The company now anticipates reporting US commercial revenue of more than $661 million, which would reflect a growth rate of at least 45% year over year. Palantir ( PLTR ) previously projected $640 million.

Adjusted profit is pegged at between $868 million and $880 million, up from the prior $834 million to $850 million range.

Palantir ( PLTR ) expects second-quarter revenue of $649 million to $653 million, compared with the Street's $643.4 million view. The company projects adjusted income from operations of $209 million to $213 million, compared with the first quarter's $226.5 million.

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