Toast's Workforce Reduction Sparks Stock Rebound
TL;DR
Restaurant software firm Toast (TOST) saw its stock initially drop after announcing a plan to lay off 550 employees, but rebounded in after-hours trading following the release of its quarterly results, which showed a narrower net loss and increased revenue. The company's annualized recurring run-rate and quarterly gross payment volume also saw significant year-over-year growth. Toast confirmed the layoffs and outlined a restructuring plan expected to incur charges of $45M to $55M, while also authorizing a new share buyback program of up to $250M in class A common stock.
- Toast confirms laying off 550 workers, stock rebounds after hours (NYSE:TOST) Seeking Alpha
- Toast will lay off 10% of its workforce, about 550 employees, as growth slows CNBC
- Restaurant-Software Firm Toast to Cut 550 Workers Yahoo Finance
- Toast’s stock heats up on sales jump MarketWatch
- Toast Trims Staff, Growth Slows, Subscription Revenues Gain PYMNTS.com
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