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Earnings Results: Toast stock extends rally as company gives upbeat earnings forecast

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Toast Inc. shares were building on their massive Thursday rally in the aftermarket as the maker of payment software and technology for the restaurant industry gave an upbeat forecast for the current quarter.

The company posted a third-quarter net loss of $98 million, or 19 cents a share, compared with a loss of $254 million, or $1.06 a share, in the year-earlier quarter.

Toast also reported a loss on the basis of adjusted earnings before interest, taxes, depreciation and amortization (Ebitda) of $19 million, compared with a $12 million loss on the metric in the year-before quarter. The FactSet consensus was for a $33 million loss on the basis of adjusted Ebitda.

Revenue rose to $752 million from $486 million, while analysts were projecting $720 million.

“We continue to balance efficiency with disciplined investments in innovation to power the restaurant industry,” Chief Executive Chris Comparato said in a release.

Toast shares
TOST,
+13.38%

surged 13.4% in Thursday’s regular session on a strong day for the broad market, and particularly for fast-growth names in the financial-technology and software sectors. The stock was ahead another 5% in aftermarket action Thursday.

For the fourth quarter, Toast executives anticipate $730 million to $760 million in revenue, along with a loss of $20 million to $30 million on the basis of adjusted Ebitda. Analysts were modeling $727 million in revenue and a $38 million adjusted Ebitda loss.

Shares of Toast have lost 60% over the past 12 months as the S&P 500
SPX,
+5.54%

has declined 15%.

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