For the quarter that ended on Sept. 30, Palantir reported adjusted earnings per share of 10 cents, up from seven cents per share in the same quarter of last year, on revenue of $725.5 million, 30% year-over-year. Both were beats, as analysts had been expecting adjusted earnings per share of nine cents on revenue of $705 million.

Shares of Palantir Technologies Inc. soared to a record high after the company reported better-than-expected quarterly revenue and raised its forecast for operating income in the current period, citing high demand in the US for its artificial intelligence software.

Palantir Technologies stock was climbing after the software company posted better-than-expected third-quarter financials and increased its guidance for the year. One analyst is concerned about where the beat came from.