Toast Defends Market Share Growth Against FTC Lawsuit
Toast claims its market share growth proves FTC lawsuit is groundless.
In brief
Toast claims its market share growth proves FTC lawsuit is groundless. Toast says its 24% annual recurring revenue growth and 189,000 locations show FTC lawsuit is unfounded. Originally reported by Pymnts.
FTC Lawsuit Against Toast
Toast faces FTC lawsuit accusing it of unauthorized charges and misleading pricing.
“The FTC and state authorities filed a lawsuit Thursday (Oct. 29) accusing Toast of imposing unauthorized charges”
Toast's Market Share Growth
Toast added 8,500 net new locations to reach 189,000 total with 24% annual recurring revenue growth.
“During the third quarter, Toast added about 8,500 net new locations, bringing the total to about 189,000”
Toast's AI Products
Toast launched Toast IQ Grow and Toast IQ Team for marketing and labor management.
“Toast IQ Grow is a marketing solution that was introduced earlier this year, while Toast IQ Team is a new labor management solution”
CEO's Defense of Practices
CEO Aman Narang says Toast's practices comply with ROSCA and show strong customer success.
“We have a lot of confidence in our business practices and are ready to defend ourselves”
At a glance
Toast says its 24% annual recurring revenue growth and 189,000 locations show FTC lawsuit is unfounded.
