Toast (NYSE:TOST) shares skyrocketed by more than 14% today in response to the company’s Q2 financial results. The company reported a revenue of $978 million, reflecting a 45% growth year-over-year, which surpassed the Street’s estimate of $943.08 million. The EPS stood at ($0.19), missing the Street estimate of ($0.01).

By the end of June 2023, Toast’s Annual Recurring Revenue (ARR) had reached $1.1 billion, marking a 45% boost from the previous year. Moreover, their Gross Payment Volume (GPV) witnessed a 38% year-over-year growth, reaching $32.1 billion.

Looking forward to Q3 of 2023, the company projects its revenue to be in the range of $1.010 billion to $1.040 billion, which is slightly above the Street expectation of $1.002B. Their Adjusted EBITDA for the same quarter is anticipated to be between $15 million and $25 million. For the full year, Toast’s revenue forecast ranges from $3.810 billion to $3.870 billion, compared to the Street estimate of $3.775 billion.

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