Why These 5 Stocks are Skyrocketing on Friday

2. Toast, Inc. (NYSE:TOST)

Number of Hedge Fund Holders: 39

Shares of Toast, Inc. (NYSE:TOST) climbed over 13 percent in the pre-market trading session today after posting impressive results for the second quarter. The restaurant technology company reported a loss of 11 cents per share, significantly lower than a loss of 64 cents per share in the comparable period of 2021.

Revenue came in at $675 million, representing a jump of 58 percent over the year-ago period. Analysts expected Toast, Inc. (NYSE:TOST) to report a loss of 11 cents per share on revenue of $651.28 million.

Looking forward, Toast, Inc. (NYSE:TOST) projected sales of $700 – $730 million for the third quarter and between $2.62 – $2.66 billion for the full year. This compares to the consensus of $665.08 million for Q3 and $2.54 billion for fiscal 2022.

Commenting on the results, CEO of Toast, Inc. (NYSE:TOST), Chris Comparato, said:

“Toast had another great quarter, sustaining our operating momentum with a record number of net new locations and strong revenue growth, both of which highlight the power of our industry leading digital platform for restaurants. We continue to balance disciplined investments to enhance our platform and drive sustained growth, with a commitment to increasing efficiency, which was evident in our healthy Adjusted EBITDA margin improvement in the second quarter.”