Toast, Inc. (TOST), a company providing cloud-based software for restaurant management, has seen a surge in its shares by over 15% on Friday morning. This is due to its recent fourth-quarter report showcasing a significantly reduced loss, which surpassed the market expectations.
For the fourth quarter, the firm recorded a loss of $36 million or $0.07 per share. This is in stark contrast to the loss of $99 million or $0.19 per share experienced during the same quarter of the previous year.
According to a survey by Thomson-Reuters, they had initially anticipated a loss of $0.10 per share over the opinion of 8 analysts.
In terms of revenue, the company witnessed a 35% year-on-year increase, reaching to $1.036 billion for the quarter.
Earlier on February 13, Toast, Inc. had declared its restructuring plan which featured laying off approximately 550 employees. Continuing with its strategic decisions, the company also discussed its plan to repurchase shares worth upto $250 million. Currently, with TOST's share price standing at $21.73, its trading range for the past year falls between $13.77 and $27.00.
