Palantir Technologies Inc PLTR Shares hit new highs on Tuesday after the company reported strong quarterly results driven by “relentless” AI demand.

• Q3 EPS: 6 cents, versus estimates of 4 cents

Palantir reported 30% year-over-year revenue growth in the quarter, driven by continued strength in the US. The company said U.S. sales increased 44% year-over-year, with U.S. commercial sales increasing 54% and U.S. government sales increasing 40% year-over-year. over the year.

The company beat analyst estimates on revenue and profit for the fifth consecutive quarter as margins increased for the eighth straight quarter, and the company continued to forecast GAAP operating income and net income for each quarter this year.

Customer numbers increased 39% year-over-year and 6% quarter-over-quarter. The company said it closed 104 deals worth over $1 million during the quarter.

“Our company’s growth is accelerating and our financial performance is exceeding expectations as we meet the continued demand from our U.S. government and commercial customers for the most advanced artificial intelligence technologies.” Alex KarpCo-founder and CEO of Palantir said in a letter to shareholders.

Check this out: Palantir CEO Alex Karp warns Europe will doom without AI

Directions: Palantir expects fourth-quarter revenue to be between $767 million and $771 million, compared to estimates of $741.44 million. The company also raised full-year guidance for its key metrics.

Palantir 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 of over $687 million, representing growth of at least corresponds to 50%. The company now expects adjusted free cash flow to exceed $1 billion for the year.

“We absolutely obliterated this quarter, driven by unrelenting AI demand that shows no signs of slowing down. This is a US-driven AI revolution that has taken off. The world will be divided between AI haves and have-nots. At Palantir, we are “plan to empower the winners,” Karp said.

After print, Wedbush analyst Dan Ives maintained an “Outperform” rating on the stock, noting that Palantir delivered “another robust quarter with consistently positive results.”

“Despite the skeptics focused on valuation over the past year, this was an important quarter in proving that PLTR’s partner ecosystem expansion and AIP boot camps have shifted into new gear,” Ives said.

PLTR price action: According to Benzinga Pro, Palantir shares were up 15.7% at $47.93 at the time of publication on Tuesday.

Read more:

Photo: Cory Doctorow from Flickr.