Olo Inc. (NYSE: OLO), a leading cloud-based food ordering platform, reported impressive second-quarter results, driving its shares to surge over 21% in after-hours trading on Monday. The company's strong performance and upbeat guidance for the remainder of the year fueled investor enthusiasm.
For the second quarter of 2024, Olo delivered non-GAAP earnings per share of $0.05, meeting analysts' expectations. However, the company's revenue of $70.5 million surpassed estimates by $2.75 million, representing a robust 27.5% year-over-year growth. This outperformance was driven by strong demand for Olo's platform across its order, pay, and engage suites, as well as the successful expansion of its customer base and increased adoption of its products by existing clients.
Olo's impressive results were further bolstered by its optimistic outlook for the third quarter and full-year 2024. The company expects revenue in the range of $70.8 million to $71.3 million for Q3 2024, and between $279.5 million and $280.5 million for the full year, reflecting continued strong growth. Additionally, Olo forecasts non-GAAP operating income of $6.0 million to $6.4 million for Q3 2024, and $25.6 million to $26.4 million for the full year, demonstrating its ability to drive profitability while investing in future growth initiatives.
Olo's strong performance can be attributed to its innovative platform, which enables restaurants to streamline their digital ordering and payment processes, enhancing operational efficiency and customer experience. The company's focus on expanding its product offerings, such as the recently launched Catering+ solution, and forging strategic partnerships with point-of-sale (POS) providers, has further solidified its position in the rapidly growing food tech industry.
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