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.