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Key Takeaways
- Toast swung to a profit in the third quarter, sending shares up nearly 15% Friday.
- The restaurant management software company also lifted its full-year forecast.
- With Friday’s gains, the stock has doubled in value since the start of the year.
Toast (TOST) shares jumped nearly 15% Friday after the restaurant management software company reported third-quarter results that topped estimates and boosted its outlook.
The company swung to a third-quarter profit of $56 million or 7 cents per share, compared to a loss of $31 million or 9 cents per share a year earlier, topping expectations. Toast delivered third-quarter revenue of $1.31 billion, up from $1.03 billion a year ago and also above the analyst consensus.
Gross payment volume, a measure of the total payments processed by Toast’s payment platforms, increased 24% year-over-year to $41.7 billion.
For the full year, Toast raised its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) forecast to between $352 million and $362 million, up from $285 million to $305 million previously.
Shares of Toast closed 14.7% higher at $37.48 Friday and have doubled in value since the start of the year.
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