Shares of Palantir Technologies (NYSE: PLTR), an artificial intelligence (AI) data analytics company, jumped this week after the company reported better-than-expected third-quarter results and issued guidance that impressed investors.

Palantir's stock was up 35% this week, as of this writing, pushing the company's stock up more than 200% over the past 12 months.

Start Your Mornings Smarter! Wake up with Breakfast news in your inbox every market day. Sign Up For Free ?

Another impressive quarter for Palantir

Referring to its artificial intelligence platform (AIP), Palantir's chief revenue officer Ryan Taylor said on the company's earnings call, "In this winner-take-all AI economy, the divide is widening between those who are leveraging AIP and those who are not."

Palantir has successfully tapped into demand for AI analytics, and its latest quarterly report proves this. Commercial revenue rose 54% to $179 million, and sales in the company's government segment popped 40% to $320 million, proving that Palantir's platform continues to be in high demand.

Total sales rose 30% to 726 million, beating Wall Street's consensus estimate of $701 million, and adjusted earnings per share of $0.10 surpassed estimates of $0.09 per share.

Management expects more growth

It wasn't just Palantir's quarterly results that investors were impressed with this week; management's fourth-quarter guidance likely also gave the stock a boost.

The company said fourth-quarter revenue would be in the range of $767 million to $771 million, which represents a 26% increase at the midpoint of guidance. Management also increased its full-year revenue guidance to $2.8 billion (at the midpoint), which is an increase of 26% from 2023's sales.

With its impressive financial results and strong guidance, it's no wonder Palantir's stock is flying high this week. And with the company's ability to offer a compelling AI analytics product to customers, investors likely have a solid artificial intelligence investment opportunity in Palantir.

Don’t miss this second chance at a potentially lucrative opportunity

Ever feel like you missed the boat in buying the most successful stocks? Then you’ll want to hear this.

On rare occasions, our expert team of analysts issues a “Double Down” stock recommendation for companies that they think are about to pop. If you’re worried you’ve already missed your chance to invest, now is the best time to buy before it’s too late. And the numbers speak for themselves: