Why Toast Stock Is Skyrocketing Today
Toast (NYSE: TOST) stock is posting big gains Friday trading. The fintech company's share price was up 15.3% as of 2 p.m. ET, according to data from S&P Global Market Intelligence.
Toast stock is gaining ground following the publication of the company's fourth-quarter earnings results. While the company's sales for the period fell short of the market's target, earnings came in better than expected. The company also announced it would be reducing expenses by trimming its workforce.
Toast posted a loss per share of $0.07 on sales of $1 billion in last year's fourth quarter. Meanwhile, the average analyst estimate had called for the business to post a loss of $0.11 per share on sales of $1.02 billion. While sales fell slightly short of the average analyst target, revenue still grew 30% year over year in the period. The business also closed out the period with an annualized recurring revenue run rate of $1.2 billion -- up 35% year over year.
Source Fool.com
