Shares of Toast Inc. TOST, +2.48% fell more than 11% in the extended session Tuesday after the restaurant-focused payments company reported a mixed quarter, showing a wider per-share loss in the fourth quarter than Wall Street expected but higher revenue. Toast said it earned $2 million, swinging from a net loss of $61 million in the fourth quarter of 2020. That resulted in a diluted per-share loss of 23 cents a share, compared with a loss of 31 cents a share in the year-ago quarter. Sales rose 111% to $512 million, Toast said. FactSet consensus called for an adjusted loss of 12 cents a share on sales of $488 million in the quarter. “The restaurant industry was tested again in 2021, but as evidenced by our growth there is tremendous demand for the Toast platform as restaurant operators navigate the new normal,” Chief Executive Chris Comparato said in a statement. Toast guided for first-quarter revenue between $469 million and $499 million, and an adjusted loss between $65 million and $55 million. The analysts surveyed by FactSet call for first-quarter sales of $477 million. Toast became a public company in September.
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