Palantir Technologies on Monday raised its annual revenue forecast for the third time, betting on strong spending from governments and rising demand for its software services from businesses looking to adopt generative AI technology.

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.

Palantir shares jumped in extended trading on Monday after the analytics software provider topped third-quarter earnings estimates and lifted its full-year revenue outlook amid robust demand for its AI offerings.