Here's Why Toast Stock Popped Today
Shares of restaurant software company Toast (NYSE: TOST) popped on Friday after an upbeat financial report for the second quarter. Revenue was up sharply, losses improved slightly, and Wall Street was encouraged. As of 10:20 a.m. ET today, Toast stock was up 14%.
In the second quarter, Toast generated revenue of $675 million, up 58% year over year and ahead of its high-end guidance of $665 million. This top-line growth was driven by the addition of approximately 6,000 new restaurant locations compared to one quarter ago. Moreover, 61% of customers are using four or more add-on Toast products, compared to just 55% last year and 60% last quarter.
On the bottom line, Toast had a $99 million loss from operations in the second quarter compared to a loss of $51 million in the year-ago period. But while the loss from operations was nearly double on a year-over-year basis, this $99 million loss was slightly better than its loss of $101 million in the previous quarter.
Source Fool.com
