In a remarkable show of resilience, shares of Olo Inc. hit a 52-week high, hitting a price level of $7.49. According to InvestPro According to the data, the company maintains a score of “GOOD” financial health, with revenue growing an impressive 26.4% over the past twelve months. The company, known for its digital ordering and delivery platform for restaurants, saw its stock price rise significantly, reflecting a strong year-over-year change of 31.74%. The impressive performance underlines investor confidence, with analysts forecasting profitability this year and six analysts recently revising their profit estimates upward. Olo's rise to this new height marks a key milestone for the company as it navigates the competitive landscape and capitalizes on the growing demand for online food ordering solutions. Get deeper insights into Olo's growth potential with a comprehensive Pro Research Report, available exclusively on InvestPro.
Separately, Olo Inc. reported robust growth in its third quarter 2024 financial results, marking a 24% year-over-year increase in total revenue, which reached $71.9 million . The online food ordering solutions company also exceeded its full-year location growth goal ahead of schedule, adding approximately 5,000 net new locations. Average revenue per user (ARPU) saw a 15% year-over-year increase to $850, while net revenue retention remained strong, exceeding 120% for the fourth consecutive quarter.
Olo's operating profit for the third quarter was $8.2 million, with net profit of $10.4 million. Additionally, the company's cash position was strong at approximately $392 million as of September 30, 2024. A $100 million share repurchase program is planned for the fourth quarter.
Despite these positive developments, the company announced a reduction in its workforce by approximately 9% in order to streamline its operations. However, Olo has continued to expand its product offering, including the Catering+ module and enhancements to the Borderless platform. For the full year, Olo raised its revenue guidance to between $281.4 million and $281.9 million. These recent developments underline Olo's strategic focus on innovation and operational efficiency.
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