Palantir Technologies Inc.’s stock is falling more than 13% on Tuesday, despite the company’s solid first-quarter earnings and better-than-expected guidance. “Palantir is on fire,” Chief Executive Officer Alex Karp said on Monday afternoon’s earnings call,

Palantir Technologies ( PLTR -11.92%) stock had plunged 14% as of 10 a.m. ET on Tuesday, May 6, as investors reacted to its first-quarter financial results. The company reported solid results amid continued demand for its artificial intelligence (AI) platform, but the market clearly had higher expectations.

Shares of Palantir Technologies (NASDAQ:PLTR) tumbled 12% Tuesday morning after the artificial intelligence data analytics firm handily beat analyst first-quarter revenue and earnings forecasts while also raising its full-year outlook.