Shares of data analytics company Palantir surged on Friday after the company reported its first profitable quarter and expects to be profitable for the full year in 2023.

The company reported a fourth quarter net income of $1.2 billion, up from a loss of $580 million in the same quarter last year. Palantir also reported a revenue of $322 million, up from $256 million in the same quarter last year.

The news sent Palantir’s shares soaring in after-hours trading on Friday. The stock closed up 23 percent at $25.75, giving the company a market value of $31.6 billion.

Palantir’s success comes amid a turbulent period for the stock market, with the Dow Jones Industrial Average losing more than 1,000 points on Thursday.

Elsewhere, US defense officials denied reports that the US has been surveilling Chinese airspace. Liberty Global also announced that it has acquired a 9.9 percent stake in Vodafone for $22.2 billion.