Shares of Toast, Inc. (TOST), a cloud-based restaurant management software company, are rising more than 15 percent Friday morning after reporting lower loss in the fourth quarter, above the Street view.
The company reported a loss of $36 million or $0.07 per share for the fourth quarter, lower than $99 million or $0.19 per share loss in the same quarter a year ago.
On average, 8 analysts polled by Thomson-Reuters were expecting earnings of $0.10 loss per share.
Revenue for the quarter grew 35% year over year to $1.036 billion.
On February 13, the company had announced its decision to lay off about 550 employees as part of restructuring plan. It also had expressed its intention to buy back up to $250 million of shares. TOST, currently at $21.73, has traded in the range of $13.77 - $27.00 in the last 1 year.
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