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Olo Inc (NYSE:OLO) shares plunged 26% after-hours following the company’s reported worse-than-expected Q2 results. Total revenue grew 27% year-over-year to $45.6 million.
Platform revenue grew 29% year-over-year to $44.5 million. The average revenue per unit (ARPU) was $544, representing a 12% year-over-year increase. Ending active locations were approximately 82,000, growing 11% year-over-year.
“We’re encouraged by the underlying trends in our business in support of Olo’s 100x revenue opportunity as we remain highly focused on helping our brands to thrive and gain share through the industry’s digital transformation,” said Noah Glass, Olo’s Founder and CEO.
The company expects Q3 revenue to be in the range of $46.5-$47.0 million, and non-GAAP operating income in the range of $1.8-$2.2 million. For the full 2022-year, the company expects revenue to be in the range of $183-$184 million, and non-GAAP operating income in the range of $7.6-$8.4 million.
