Why Toast Stock Dropped 17.4% on Wednesday

Shares of restaurant payments company Toast (NYSE: TOST) fell as much as 17.4% in trading on Wednesday after the company reported third-quarter financial results. Shares are still down 14.9% as of 1:30 p.m. EST and are nearing all-time lows for the company that had its initial public offering last week.

Revenue for the third quarter of 2021 was $486.4 million, up 105% from a year ago. Gross payment volume increased 123% to $16.5 billion. However, net loss for the quarter grew from $62.6 million a year ago to $252.5 million, or $1.05 per share, and operating cash burn was $17.2 million.

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Source Fool.com