Shares of Palantir rose as a lot as 28% in prolonged buying and selling Monday after the corporate launched first-quarter earnings that beat analysts’ estimates and mentioned it expects to be worthwhile by means of the tip of the 12 months.

Here is how the corporate did:

• EPS:  5 cents adjusted vs. 4 cents anticipated by analysts, based on Refinitiv
• Income: $525 million vs. $506 million anticipated by analysts, based on Refinitiviv

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Palantir’s income for the quarter elevated 18% 12 months over 12 months, and its U.S. business income grew 26%. The software program firm, which is thought for its work with the federal government, mentioned its US business buyer rely elevated 50% 12 months over 12 months, rising from 103 prospects to 155.

The corporate reported its second ever quarter of optimistic internet earnings on a GAAP foundation, at $17 million, and in a letter to shareholders, CEO Alex Karp mentioned the corporate expects to stay worthwhile “every quarter by means of the tip of the 12 months.”

Palantir mentioned it expects to report between $528 million and $532 million in income throughout its second quarter, and between $2.19 billion and $2.24 billion for the complete 12 months.

Karp additionally mentioned the demand for Palantir’s new Synthetic Intelligence Platform (AIP) is “with out precedent.” The corporate’s AIP permits business and authorities sectors to make use of giant language fashions based mostly on their very own personal knowledge units.

“We have now already had tons of of conversations with potential prospects about deploying the software program and are at present negotiating phrases and pricing for entry to the parts of the platform,” he wrote.

The corporate will maintain its quarterly name with buyers at 5:00 P.M. ET Monday.