2023-11-10 09:15:23 ET
Week to date, shares of Toast (NYSE: TOST) were down 20% through the market close on Thursday, according to data provided by S&P Global Market Intelligence .
Despite posting strong growth in the third quarter, the restaurant software provider still sees headwinds in the economy impacting demand. Management lowered the top end of its full-year outlook for revenue, but the long-term competitive position of the business appears to be intact.
Toast said revenue grew 37% year over year, and it even reported a narrowing net loss on the bottom line. But investors were focused on the company's guidance and what that implied about near-term demand trends.
For further details see:
Why Toast Stock Tanked This Week