Canadian payments firm Lightspeed slides on latest layoff plans

Lightspeed Commerce

02/12/2024 17:53

** Shares of Canadian payments firm Lightspeed Commerce
 LSPD.TO  fall 6.5% to C$24.54
    ** LSPD says it will cut 200 jobs as it continues its push
for profitable growth, with the resulting savings to be
redeployed across its other businesses
    ** In Feb, LSPD brought back founder Dax Dasilva as its top
boss after investors raised concerns over the company's plan to
prioritize growth over profitability under former CEO Jean Paul
Chauvet
    ** LSPD had earlier this year already cut 280 jobs as part
of a larger reorganization and cost-reduction plan
    ** Co expects majority of the restructuring charges to be
incurred in Q3 of fiscal 2025
    ** Meanwhile, LSPD is exploring options, including a
potential sale, Reuters has reported
    ** LSPD says it continues to be engaged in previously
announced review of strategic alternatives
    ** TD Cowen says the stock is likely down on investors
believing the reorganization implies a sale is less likely;
brokerage believes it's unrelated
    ** As of last close, LSPD shares down 5.6% YTD

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))