Why Toast Stock Tanked This Week
Week to date, shares of Toast (NYSE: TOST) were down 20% through the market close on Thursday, according to data provided by S&P Global Market Intelligence.
Despite posting strong growth in the third quarter, the restaurant software provider still sees headwinds in the economy impacting demand. Management lowered the top end of its full-year outlook for revenue, but the long-term competitive position of the business appears to be intact.
Toast said revenue grew 37% year over year, and it even reported a narrowing net loss on the bottom line. But investors were focused on the company's guidance and what that implied about near-term demand trends.
Source Fool.com
