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Shares of data analytics group Palantir soared 16 per cent in after-hours trading on Monday after its quarterly profits blew past median forecasts.

The company reported $93.4mn in net income in its fourth quarter, far above expectations for $65.6mn. It posted $608.4mn in revenue, also above consensus estimates.

Palantir is best known for its ties to government defence and security departments, but its US commercial business has been growing, and doubled year-on-year to $131mn, more than a fifth of its sales.

“Our organization is focused on the rollout of our Artificial Intelligence Platform,” chief executive Alex Karp said in a letter to shareholders. “Our momentum with AIP is now significantly contributing to new revenue and new customers.”

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