Shares of the restaurant software provider Toast surged Wednesday after the company’s second-quarter results showed positive free cash flow for the first time since its initial public offering in 2021.
The company reported revenue of $978 million, up from $675 million in the year-ago quarter and topping the Zacks Consensus Expectation (ZCE) by more than 4%. Toast’s loss came out to $0.19 per share, narrower than the $0.11 last year and the ZCE of $0.14.
Importantly, Toast reported free cash flow of $39 million, its first positive figure since going public in September 2021.
Shares of the company popped more than 17% to $23.77 in late-morning trading on Wednesday.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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