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business1 year ago

"Toast, a Boston Restaurant Tech Company, to Cut 550 Jobs Amid Slow Growth"

Boston-based restaurant technology company, Toast, is planning to lay off 550 employees, about 10% of its staff, as part of a reorganization plan to promote overall operating expense efficiency. The layoffs are expected to be completed by the end of the fiscal year, incurring costs of up to $55 million for severance and related expenses. Despite strong sales growth, the company's financial performance on Wall Street has not met expectations. Toast's revenue for 2023 grew 42% from the previous year, and gross profit was up 63%. The company recently changed leadership and announced plans to relocate its headquarters from Fenway to the Seaport.

via WCVB Boston|
#boston#business#financial-report
business-technology1 year ago

"Restaurant-Tech Company Toast to Cut 10% of Workforce, 550 Jobs Axed"

Toast, a Boston-based restaurant software firm, is cutting 550 jobs, about 10 percent of its workforce, as part of a reorganization effort to reach profitability more quickly under new CEO Aman Narang. The layoffs will primarily affect roles that do not directly interact with customers. The company's stock price has dropped since going public, despite strong sales growth, and it posted a net loss of $246 million for the year. This move follows previous unsuccessful attempts to improve profitability, including a controversial mandatory fee on takeout orders and a decision to relocate its headquarters.

via The Boston Globe|
#business-technology#ceo#efficiency
businessfinance1 year ago

Toast's Workforce Reduction Sparks Stock Rebound

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.

via Seeking Alpha|
#businessfinance#layoffs#quarterly-results
business1 year ago

Toast to Lay Off 10% of Workforce Amid Slowing Growth

Toast, a restaurant management software maker, is laying off 10% of its workforce, about 550 employees, as its growth slows. The company reported fourth-quarter earnings that surpassed expectations, with revenue increasing almost 35% year over year. Despite facing increasing competition, transactions using Toast products continue to grow, with gross payment volume up 32%. The new job cuts are expected to result in $45 million to $55 million in charges and $100 million in annualized savings. This comes after Aman Narang replaced Chris Comparato as CEO and management aims to report operating profit in the first half of 2025.

via CNBC|
#business#competition#layoffs
finance1 year ago

"5 Explosive Growth Stocks to Snag in February"

The S&P 500 index is performing well, and three growth stocks - Toast, Walt Disney, and Coupang - are expected to rally in February. Toast, a disruptive tech stock in the restaurant industry, is showing strong growth potential despite being unprofitable. Disney is turning the corner with its streaming division and theme parks business, while Coupang, a South Korean e-commerce company, is positioned for long-term growth and profitability. These stocks are trading at low valuations and could offer significant returns in the future.

via The Motley Fool|
#coupang#finance#growth-stocks
stock-market2 years ago

Cramer's Lightning Round: Caution Advised on HF Sinclair, Rivian, and Fisker

Jim Cramer advises caution with Toast due to its point-of-sale business model, warns that CVS is primarily a retailer with a healthcare business and highlights issues with theft, suggests staying away from HF Sinclair and recommends looking into other oil companies, believes Exact Sciences needs to focus on increasing earnings rather than just sales, and expresses positivity towards SoFi despite the current downward trend in banking stocks.

via CNBC|
#cvs#exact-sciences#hf-sinclair
business2 years ago

Ohio Ranks High in States with Generous Tippers

According to data from point-of-sale company Toast, Ohio is tied with Wyoming and New Hampshire for having an average tipping rate of 20.7% at bars and restaurants, just above the national average of under 20%. Surprisingly, tipping trends do not necessarily correlate with a state's overall wealth, as some of the worst tippers were found in high-earning states like California, Washington, New York, and New Jersey. Delaware was ranked as the most generous state for tipping, while states with higher minimum wages for restaurant workers tended to tip less. The data analysis covered credit or digital payments and did not include cash tips.

via WJW FOX 8 News Cleveland|
#business#generosity-ranking#ohio
business2 years ago

Tipping Habits: Generosity, Stinginess, and Controversy

Data from point-of-sale and management system company Toast reveals that tipping trends in the United States have little correlation with a state's overall wealth. California, Washington, New York, and New Jersey, despite being high-earning states, were found to have some of the worst tippers. On the other hand, West Virginia and Kentucky, despite being less affluent, were among the best tippers. Delaware is the most generous state for tipping, while Texas, Hawaii, New York, and others tip the least. States with higher minimum wages for restaurant workers tended to rank lower in generosity. The data analysis covered credit or digital payments at quick-service food orders and full-service restaurants, excluding cash tips.

via KHON2|
#business#generosity-ranking#restaurant-industry