Toast stock surges on beat-and-raise quarter

Toast Inc. (TOST) shares rallied in the extended session Tuesday after the restaurant-industry software provider reported a beat-and-raise quarter. Toast shares surged as much as 8% after hours, following a 0.6% rise in the regular session to close at $19.46. The company reported a first-quarter loss of $81 million, or 16 cents a share, compared with a loss of $23 million, or 20 cents a share, in the year-ago period. The company did not provide adjusted results on a per-share basis. Revenue rose to $819 million from $535 million in the year-ago quarter. Analysts surveyed by FactSet had forecast an unadjusted loss of 17 cents a share -- or a loss of 5 cents a share adjusted -- on revenue of $763.9 million. Toast forecast revenue of $920 million to $950 million for the second quarter, and $3.71 billion to $3.8 billion for the year, a hike from a previous forecast of $3.57 billion to $3.66 billion. Analysts had estimated revenue of $906.1 million for the second quarter, and $3.65 billion for the year. Last quarter, Toast's in-line outlook wasn't enough for Wall Street and shares took a dive.

-Wallace Witkowski

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05-09-23 1718ET

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