By Sam Boughedda
Toast Inc (NYSE:TOST) shares are rising in after-hours trading Thursday following its third-quarter earnings release.
The company's loss per share missed analyst expectations, but revenue topped estimates. Toast posted a loss per share of $0.19 on revenue of $752 million. Analysts expected a loss per share of $0.08 on revenue of $718.47M. Revenue grew 55% year-over-year.
Toast shares have jumped over 6% following the regular sessions over 13% gain.
The company reported that total locations increased over 40% year-over-year to approximately 74,000, while ARR, as of September 30, was $868M, up 60% year-over-year, and Gross Payment Volume (GPV) increased 53% year-over-year to $25.2 billion.
"Toast delivered strong results in the third quarter, surpassing $100 billion in annualized GPV for the first time and driving sustained revenue momentum and continued margin improvement," said Toast CEO, Chris Comparato. "We continue to balance efficiency with disciplined investments in innovation to power the restaurant industry."
Looking ahead, the company sees revenue in the range of $730M to $760M in Q4. The company raised its full-year revenue guidance to between $2.69B and $2.72B, from previous guidance of $2.62B to $2.66B.