Palantir (NYSE:PLTR) shares jumped more than 20% intra-day today after the company reported its Q1 earnings results, with EPS of $0.05 coming in better than the Street estimate of $0.04. Revenue was $525 million, beating the Street estimate of $505.82 million.

The beat was almost entirely driven by accelerated revenue recognition with SPAC customers ($33 million recognized in the quarter, versus guidance of $16 million).

For Q2/23, the company expects revenue to be in the range of $528-532 million, compared to the Street estimate of $536 million. For the full year, the company expects revenue in the range of $2.19-2.24 billion, compared to the Street estimate of $2.2 billion.