Toast Sales Grow as Locations Tick Up

Dow Jones11-04

Toast reported a rise in its top and bottom lines, but announced its chief financial officer would resign at the end of the year.

The company said Elena Gomez will step down from her position, effective Dec. 31. Toast said the resignation was not due to any disagreement with the company. She will continue to serve in an advisory role until July 2, 2027.

Toast named Michael Senno as her successor, effective Jan. 1.

Shares fell 6% in after hours trading.

The restaurant-payments provider on Tuesday logged a third-quarter profit of $169 million, or 29 cents a share, compared with $105 million, or 16 cents a share, a year earlier. Analysts polled by FactSet expected 25 cents.

Revenue increased 21% to $1.98 billion. Wall Street analysts expected $1.97 billion.

Gross payment volume increased 20% to $61.8 billion. Analysts polled by FactSet expected $62.55 billion. Total locations increased 21% to about 189,000.

The annualized recurring revenue run-rate rose 24% to $2.5 billion as of Sept. 30.

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