Toast Inc TOST shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results and issued guidance above analyst estimates.
Toast said third-quarter revenue increased 55% year-over-year to $752 million, which beat average analyst estimates of $721.52 million, according to Benzinga Pro. The company reported a quarterly net loss of 19 cents per share, which missed average estimates for a loss of 9 cents per share.
"Toast delivered strong results in the third quarter, surpassing $100 billion in annualized GPV for the first time and driving sustained revenue momentum and continued margin improvement. We continue to balance efficiency with disciplined investments in innovation to power the restaurant industry," said Chris Comparato, CEO of Toast.
Toast expects fourth-quarter revenue to be between $730 million and $760 million versus average analyst estimates of $731.31 million. The company expects full-year 2022 revenue to be between $2.692 billion and $2.722 billion versus average estimates of $2.66 billion.
TOST Price Action: Toast has a 52-week high of $35.55 and a 52-week low of $11.91.
The stock was up 7.5% in after hours at $21.50 at the time of writing.
Photo: courtesy of Toast.
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