Stock Track | Toast Stock Skyrockets on Stellar Q3 Earnings Beat and Raised Outlook

Stock Track11-08

Shares of restaurant software and payments company Toast, Inc. (NYSE: TOST) soared over 19% in pre-market trading on November 8, 2024, after the company reported blockbuster third-quarter results that significantly exceeded Wall Street expectations.

Toast delivered a remarkable third quarter, with earnings per share of $0.07, crushing analyst consensus estimates of $0.01 by a wide 600% margin. The company's revenue for the quarter grew 26.45% year-over-year to $1.30 billion, narrowly beating the $1.29 billion estimate.

The impressive earnings beat was driven by Toast's continued rapid expansion across the restaurant industry. Its annualized recurring revenue (ARR) jumped 28% year-over-year to $1.6 billion, while gross payment volume increased 24% to $41.7 billion. Toast also reported robust 35% growth in its core subscription services and fintech solutions gross profit.

Buoyed by the strong Q3 performance, Toast raised its full-year 2024 guidance. The company now expects its recurring gross profit streams to grow 32-33%, up from the previous outlook of 27-29% growth. Toast's adjusted EBITDA guidance for 2024 was also boosted to $352-$362 million, reflecting a 26% margin at the midpoint.

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(NYSE: TOST) soared over 19% in pre-market trading on November 8, 2024, after the company reported blockbuster third-quarter results that...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TOST","symbol_name":"Toast, Inc.","start_time":0,"source_url":"","article_id":"1150863616","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1150863616","pubTimestamp":1731079981,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of restaurant software and payments company Toast, Inc.  soared over 19% in pre-market trading on November 8, 2024, after the company reported blockbuster third-quarter results that significantly exceeded Wall Street expectations.Toast delivered a remarkable third quarter, with earnings per share of $0.07, crushing analyst consensus estimates of $0.01 by a wide 600% margin. 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