Toast Inc.’s stock soared 19% in after-hours trade Thursday, after the digital-payment platform for restaurants posted better-than-expected revenue for the third quarter, offsetting a profit miss.

Boston-based Toast had net income of $56 million, or 7 cents a share, for the quarter, after a loss of $31 million, or 9 cents a share, in the year-earlier period.

Revenue rose to $1.305 billion from $1.032 billion a year ago.

The FactSet consensus was for EPS of 14 cents and revenue of $1.292 billion.

“Toast delivered a strong third quarter, adding approximately 7,000 net new locations, growing our recurring gross profit streams  35%, and achieving adjusted Ebitda of $113 million,” co-founder and Chief Executive Aman Narang said in prepared remarks.

The company now serves almost 127,000 locations, he added.

The company’s annualized run-rate, or ARR, which measures a company’s estimated future annual revenue based on a shorter period of financial data, rose 28% to $1.6 billion by quarter’s end. That was above the FactSet consensus of $1.5 billion.

Gross payment volume rose 24% to $41.7 billion. GAAP subscription services and financial technology solutions gross profit was up 35% to $365 million, while non-GAAP, or adjusted, subscription services and financial technology solutions rose 35% to $378 million.

The company is now expecting fourth-quarter adjusted subscription services and financial technology solutions to range from $370 million to $380 million. For the full year, it expects the metric to range from $1.395 billion to $1.405 billion.

The stock has gained 79% in the year to date, while the S&P 500 has gained 25%.