By Yasin Ebrahim
Investing.com -- Palantir reported fourth-quarter results that beat on both the top and bottom lines as a ramp-up in customers bolstered performance.
Palantir Technologies (NYSE:PLTR) was up more than 16% in after-hours trading following the report.
The company reported EPS of $0.04 on revenue of $509.0 million, topping Wall Street estimates for EPS of $0.03 on revenue of $503.1M.
The increase in revenue was led by new contract wins as the company's efforts to increase commercial revenue appear to be bearing fruit.
Commercial revenue grew 11% year-over-year to $215M, while government revenue grew 23% year-over-year to $293M.
Customer count jumped 55% year-over-year, with U.S. commercial customer count increasing 79% year-over-year to 143 customers in Q4.
Looking ahead to the first quarter, the company guided revenue of between $503M and $507M, slightly below Wall Street estimates of $520.28M
For full-year 2023, revenue is expected in a range of $2.18 billion to $2.23B, compared with consensus of $2.29B.