By Jarrett Banks
Olo Inc. (NYSE: OLO) shares rose after the restaurant software company gave a revenue outlook for the current year that topped the average analyst estimate. It also reported fourth-quarter results that analysts say point to improved traction.
Olo sees 2023 revenue between $213 million to $215 million, from an estimate of $213.6 million. The company said fourth quarter revenue was rose 25 percent to $49.8 million, from an estimate of $48.4 million.
Olo expanded relationships with TGI Fridays and Virtual Dining Concepts deploying Olo Pay. TGI Fridays deployed Olo Pay to improve guest satisfaction and online ordering outcomes, such as increased basket conversion and decreased fraud rates, Olo said.
“Now, more than ever, restaurants recognize the need to invest in technology as a means to better serve their guests and operate their businesses more effectively,” said CEO Noah Glass. “Our hard work in 2022, our network of brands, partners, and guests, and our comprehensive product suite all enable Olo to meet the needs of our customers, and we believe have set the table for great things to come in 2023 and beyond.”