Sam Boughedda

Investing.com — Toast Inc (NYSE:)The digital platform for restaurant technology, ‘, was awarded Friday by a company that beat revenue and earnings estimates after it announced its aftermarket results on Thursday.

According to the company, it has added more than 5,000 new locations in its first quarter. This resulted in the total number of locations growing nearly 45% over the previous year to 62,000. Meanwhile, the company’s first-quarter subscription growth increased to 103%. 

Toast reported a $0.20 loss per share on $535 million in revenue, which was higher than the consensus estimates. Investing.com polled analysts and expected a $0.13 loss per share for revenue $487.38 millions. The year-over-year growth in revenue was 90%

Toast CEO Chris Comparato said, “Toast delivered an impressive first quarter. Coming in well ahead on all expectations and adding a record amount of net new places to our platform as they continue to lead restaurants to a new digital age of hospitality,” 

Toast anticipates reporting revenue of $635m to $665m for the second quarter. It also raised its full-year revenue guidance from $2.35billion to $2.4billion to $2.5billion, which is between $2.5 billion and $2.55billion.

It is still early in its digital shift, and the restaurant industry remains behind. With our best-in-class technology platform and focus on providing restaurants everything they need to run their business, we believe we’re well positioned to be the restaurant industry’s technology backbone and capitalize on this significant market opportunity,” added Comparato.

Toast shares rose 7.1% on Friday