Market Updates
Toast Lifts Annual Outlook After Quarterly Loss Shrank
Anand Sheth
12 Aug, 2022
New York City
Toast Inc increased 13.6% to $20.59 after the restaurant payment processor posted second quarter revenues increased 58% from a year ago to $675 million.
Gross payment volume on the Toast system increased 62% from a year ago to $23.3 billion.
Net loss in the second quarter shrank to $54 million from $135 million a year ago.
The company guided third quarter revenues between $700 million and $730 million.
The payment platform operator revised higher full-year 2022 revenues to between $2.62 billion and $2.66 billion from the previous estimate between $2.50 billion and $2.55 billion.
Toast acquired employee scheduling software provider Sling on July 7 without disclosing deal terms and expanded its offering through acquisitions and new product launches.
In June 2021, Toast acquired xtraChef following the purchase of HR and payroll software provider StratEx in 2019.
Toast priced its initial public offering at $40 a share and raised $870 million on September 21 and began trading on September 22, 2021.
Toast stock closed at $62.15 on its first day of trading on September 22, 2021.
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