Toast, Inc. TOST shares are trading lower after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Toast reported quarterly earnings of 2 cents per share, which beat the analyst consensus estimate of losses of 2 cents. Quarterly sales came in at $1.242 billion which beat the analyst consensus estimate and is a 26.99% increase over sales of $978 million from the same period last year.
The company said ARR was $1.5 billion, up 29% year-over-year and Gross Payment Volume (GPV) increased 26% year-over-year to $40.5 billion. Total Locations increased 29% year-over-year to approximately 120,000. Subscription Services and Financial Technology Solutions gross profit grew 29% year-over-year to $344 million.
“Our team executed incredibly well in the second quarter and delivered strong results, including adding a record number of net locations and achieving GAAP profitability ahead of expectations. We are sustaining growth at scale while expanding margins by taking a disciplined approach to investing our resources against our most important priorities,” said Toast CEO Aman Narang.
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Outlook: Toast sees Non-GAAP Subscription Services and Financial Technology Solutions gross profit for the third quarter in a range of $345 million to $355 million.
TOST Price Action: According to Benzinga Pro, Toast shares are down 4.92% after-hours at $23.00 at the time of publication Tuesday.
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Image: Courtesy of Toast, Inc.
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