From CNBC:

Toast, a restaurant management software company, is letting go of 550 employees, about 10% of its workforce, despite reporting fourth-quarter earnings that beat Wall Street’s expectations. After initially rising 16% after hours, shares saw most of their gains erased. An almost 35% increase in revenue year over year was reported, with a net loss of $36 million. Toast is facing competition but continues to grow transactions. The company recently replaced its CEO and said it aims to report operating profit in the first half of 2025. This is breaking news.

Source: CNBC



Read more: Toast will reduce workforce by 10% as growth slows