Olo Inc. 3Q Revenue Surges on Customer Adoption, New Locations
Olo Inc. (NYSE:OLO), a leading open SaaS platform for restaurants, saw revenue surge in the third quarter on increased adoption from customers and growth in new locations.
Total revenue increased 26% from a year earlier to $47.3 million in the quarter ended Sept. 30, the company said in a statement.
Gross profit increased 9% year-over-year to $32.0 million, and was 68% of total revenue, it said.
“The Olo platform is purpose-built to help our customers do more with less and create a differentiated and memorable guest experience, and as restaurant executive and operator conversations increasingly focus on sales and margin maintenance due to challenges related to increased inflation, supply chain constraints, and labor dynamics, we believe that Olo’s platform is best positioned to meet restaurants’ needs,” said Noah Glass, Olo’s Founder and CEO.
