By Ben Glickman
Shares of Toast rose on Friday after the company’s fourth-quarter results topped Wall Street’s estimates and its board approved a $250 million share buyback.
The stock was up 17% to $22.53 and reached its highest intraday level in five months. Shares are up 24% this year.
Toast reported a loss after the close on Thursday of $36 million, or 7 cents a share, compared with a loss of $99 million, or 19 cents a share, in the same period a year earlier. Analysts polled by FactSet expected a per-share loss of 11 cents.
The Boston-based, restaurant-software company’s sales were up 35% to $1.04 billion, which topped the company’s guidance and the $1.02 billion expected by analysts.
Toast’s board approved a share buyback program for up to $250 million.
The company also said it would cut about 550 employees and reorganize some facilities and operations. The move is expected to cut expenses for the company and will be completed by the end of fiscal 2024.
Write to Ben Glickman at [email protected]
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