Shares of Toast, Inc. (TOST) are rising more than 14% Friday morning after reporting improved second-quarter results. Full-year sales outlook has been raised, above analysts’ view.
Toast operates a cloud-based and digital technology platform for the restaurant industry.
The company reported net loss of $54 million or $0.11 per share in the second quarter, narrower than $135 million or $0.64 per share reported last year.
Revenue for the quarter grew 58% year-over year to $675 million, backed by more than 100% increase in subscription revenue.
Looking forward, the company expects revenue to be in the range of $700 million to $730 million for the third quarter. On average, 12 analysts polled by Thomson Reuters revenue of $665.08 million for the quarter.
For the full year, revenue is expected between $2.620 billion and $2.660 billion up from $2.500 billion-$2.550 billion guided earlier. The consensus estimate stands at $2.54 billion.
TOST is at $20.76 currently. It has traded in the range of $11.91-$69.93 in the past 52 weeks.
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