Palantir Technologies (PLTR) delivered third-quarter profits well above analysts’ expectations, sending shares higher in extended trading on Monday.

The analytics software provider reported revenue of $725.52 million, up 30% year over year and above the expectations of analysts surveyed by Visible Alpha. Net income at $143.53 million or 6 cents per share compared to $71.51 million or 3 cents per share a year earlier, beating projections.

Palantir shares jumped more than 11% in extended trading after the release. They were up 141% for the year through Monday’s close.

Palantir CEO says strong results were driven by “relentless demand for AI”

The company’s U.S. commercial revenue increased 54% to $179 million. Alexander Karp, CEO of Palantir, said the strong results were “driven by unrelenting demand for AI.”

The company said it expects fourth-quarter revenue of $767 million to $771 million and raised its full-year revenue forecast to between $2,805 million and $2,809 million. billion, up from $2.742 billion to $2.75 billion previously.