1743 ET - Toast's 26% increase in the total number of restaurants it provides payment services to should have driven gross payment volume higher in the fourth quarter. The developer of payment systems saw a 25% increase in gross payment volume to $42.2 billion. While this key metric beat Wall Street expectations, the growth was below the percentage rate for location gains in the period. This suggests consumer spending across restaurants remains weak in the U.S. and a concern for analysts. Toast shares are down 2.3% to $39.29 in post-market trading, despite having also beat revenue expectations in the fourth quarter. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
February 19, 2025 17:43 ET (22:43 GMT)
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