Toast Reports Q2 2024 Earnings: $1.24B Revenue, $14M Net Income, GAAP Income $5M, Stock Down 4%

Toast, Inc. (NYSE: TOST) reported its financial results for the second quarter of 2024, showcasing significant improvements compared to the same period last year. The company achieved a GAAP operating income of $5 million, a turnaround from a GAAP operating loss of $80 million in Q2 2023. Net income for the quarter was $14 million, compared to a net loss of $98 million in the prior year. Toast's revenue increased by 27% year-over-year to $1.24 billion, surpassing analysts' expectations of $1.22 billion. The company's adjusted EBITDA reached $92 million, exceeding estimates of $63.4 million. For the full year, Toast raised its adjusted EBITDA guidance to between $285 million and $305 million, up from previous estimates of $250 million to $270 million. The company also reported a 29% year-over-year increase in total locations, reaching approximately 120,000, and a 26% increase in gross payment volume to $40.5 billion. Despite the positive earnings report, Toast's stock fell by 4% in after-hours trading.