Toast Inc (NYSE:TOST) shares are trading lower by 13.1% at $24.45 in Tuesday's after-hours session after the company reported fourth-quarter earnings results.
Toast reported quarterly losses of 23 cents per share. The company reported quarterly sales of $512.00 million which beat the analyst consensus estimate of $487.91 million by 5%. Revenue for the fourth quarter represented an increase of 111% from the fourth quarter of 2020.
"The restaurant industry was tested again in 2021, but as evidenced by our growth there is tremendous demand for the Toast platform as restaurant operators navigate the new normal," said Chris Comparato, CEO, Toast.
"We had a record quarter and year as a result of strong focus on our customers and consistent execution. Restaurants of all sizes run their business on Toast and we are committed to being the trusted platform of choice for the restaurant industry," Comparato stated.
Toast Inc is a cloud-based, end-to-end technology platform purpose-built for the entire restaurant community. Its platform provides a suite of SaaS products, financial technology solutions including integrated payment processing, restaurant-grade hardware and a broad ecosystem of third-party partners. It serves as the restaurant operating system, connecting front of house and back of house operations across dine-in, takeout and delivery channels.
Toast has a 52-week high of $69.93 and a 52-week low of $18.72.
