Toast Inc (NYSE:TOST) stock rose 4.90% (As on November 11, 11:16:45 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the third quarter of FY 22 and lifted the sales guidance for the full year. ARR was up 60% to $868 million. GPV remains healthy, increasing 53% year over year in Q3. The company also continue to drive strong location growth, adding approximately 5,500 net new locations and ending the quarter with approximately 74,000 total locations, sustaining over 40% growth in total locations. The growth is broad-based with a healthy balance of existing restaurants switching over to Toast, existing customers expanding their footprint and new restaurants partnering with those.

TOST in the third quarter of FY 22 has reported the adjusted loss per share of 19 cents, beating the analysts’ estimates for the adjusted loss per share of 20 cents. The company had reported the adjusted revenue growth of 55 percent to $752 million in the third quarter of FY 22, beating the analysts’ estimates for revenue of $720.9 million. Subscription revenue and fintech gross profit totaled $224 million, up 82% year over year, driven by our continued location growth and healthy ARPU increases across both SaaS and fintech solutions. Subscription services revenue increased 96% year over year in the third quarter, benefiting from the sustained location growth and increased product adoption. On the fintech solutions side, revenue grew 55% to $628 million, and gross profit was up 74% year over year to $134 million in the quarter. GPV growth remains healthy and increased 53% to $25 billion in Q3. Average annualized GPV per processing location of $1.4 million was roughly flat with Q2 and up 8% year over year. The growth in GPV per processing location is a result of higher average ticket and the continued rebound in customer transactions, which remains slightly below 2019 levels in Q3.

The company expects Q4 revenue to be in the range of $730 million to $760 million. Analysts polled by Capital IQ expect $730.0 million. For the fourth quarter, adjusted EBITDA expected to be in the range of negative $30 million to negative $20 million.

The company estimates full-year 2022 revenue to be in the range of $2.69 billion to $2.72 billion, up from the previous outlook of $2.62 billion to $2.66 billion. Analysts polled by Capital IQ expect $2.66 billion.