Toast, Inc. TOST shares are trading higher Wednesday after the company reported mixed second-quarter financial results and issued guidance above estimates.
The Details:
Toast reported a loss of 19 cents per share, missing estimates of a loss of 14 cents per share. The company also reported quarterly sales of $978.00 million, beating the consensus estimate of $939.07 million. Toast issued third-quarter revenue guidance between $1.01 billion and $1.04 billion and fiscal-year 2023 revenue guidance of between $3.81 billion and $3.87 billion.
"Toast delivered record results in the second quarter. In addition to exceeding $1B in ARR, Toast reached Adjusted EBITDA profitability and positive free cash flow for the first time since IPO as we remain focused on driving lean, durable growth," said Toast CEO Chris Comparato.
On Wednesday, Piper Sandler analyst Brent Bracelin maintained Toast with an Overweight and raised the TOST price target from $23 to $27.
Credit Suisse analyst Timothy Chiodo also maintained Toast with a Neutral and raised the price target from $23 to $25.
Shares of TOST are moving higher on above-average trading volume. According to data from Benzinga Pro, more than 7 million shares have been traded in the session, compared to the stock's 100-day average of 7.879 million shares.
Related News: Why WeWork Stock Is Tumbling Wednesday
TOST Price Action: According to Benzinga Pro, Toast shares are trading 19.3% higher at $24.13 at the time of publication.
Image: CordMediaDigitalServices from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
