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Main points
- Toast turned a profit in the third quarter and its shares rose nearly 15% on Friday.
- The restaurant management software company also raised its full-year forecast.
- With Friday’s gains, the stock has doubled in value since the start of the year.
Toast (East) The restaurant management software company’s shares rose nearly 15% on Friday after the company reported third-quarter results that beat expectations and boosted its outlook.
The company’s third-quarter profit hit $56 million, or 7 cents a share, compared with a loss of $31 million, or 9 cents a share, a year earlier, beating expectations. Toast’s third-quarter revenue was $1.31 billion, up from $1.03 billion in the same period last year and higher than analysts’ expectations.
Total payment volume, which measures the total amount of payments processed by Toast’s payment platform, grew 24% year over year to $41.7 billion.
Throughout the year, Toast improved Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) It is expected to be between $352 million and $362 million, up from the previous range of $285 million to $305 million.
Toast’s shares closed 14.7% higher at $37.48 on Friday, having doubled since the beginning of the year.
trading view
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