Why Toast Stock Popped on Friday
Shares of Toast (NYSE: TOST) opened Friday's trading session 17.8% above Thursday's closing price, boosted by a strong third-quarter earnings report. The provider of cloud-based management tools for restaurant owners cooled down a bit later in the day, trading at a 12.6% gain by 12:15 p.m. ET. All told, Toast investors have pocketed a 147% return in 52 weeks.
Your average analyst had expected third-quarter earnings of roughly $0.01 per share on top-line sales near $1.29 billion. Toast smashed the earnings target with a result of $0.07 per share. Revenues landed just above the analyst benchmark at $1.31 billion.
The company added 7,000 net new customer locations in the third quarter, adding up to a client network of 127,000 restaurants. "We are just getting started," CEO Aman Narang said in a prepared statement, boosting his fourth-quarter projections for subscription service growth and adjusted profits.
Source Fool.com
