Shares of Toast Inc.
were getting slammed in premarket trading Thursday, though the maker of payment offerings and software for the restaurant industry topped revenue expectations for its latest quarter and issued an outlook that was largely in line with the consensus view. The stock was off about 10% in premarket action. Toast logged a fourth-quarter net loss of $99 million, or 19 cents a share. A year ago, after adjusting for share count, the company had a per-share GAAP loss of 23 cents a share. Analysts tracked by FactSet were anticipating a 5-cent per-share loss for the latest quarter. Revenue rose to $769 million from $512 million, while analysts tracked by FactSet were expecting $753 million. For the first quarter, Toast expects revenue of $745 million to $775 million, along with a $20 million to $30 million loss on the basis of adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda). The FactSet consensus was for $751 million in revenue and a $22 million adjusted Ebitda loss. For the full year, Toast models $3.57 billion to $3.66 billion in revenue as well as a $10 million to $30 million adjusted Ebitda loss. Analysts were anticipating $3.62 billion in revenue and a $19 million loss on the basis of adjusted Ebitda.