Lightspeed to cut 280 jobs as it looks to turn profitable

Lightspeed Commerce

03/04/2024 13:02

April 3 (Reuters) - Canadian payments firm Lightspeed
Commerce  LSPD.TO  will cut about 280 jobs as part of a larger
reorganization and cost-reduction plan, it said on Wednesday. 
    Job cuts have been casting a shadow over major sectors in
early 2024, as a high interest rate environment and shaky
economy have taken their toll. 
    Lightspeed's move will help reduce about 10% of its
headcount-related operating expenses, the company said, adding
that it would allow for investments in other areas and a
profitable growth.
    It expects the restructuring to be completed by the end of
the first quarter of fiscal 2025, and would take a majority of
related charges in the very same quarter.
    Lightspeed also authorized a share repurchase of up to 10%
of its total public float, representing a total value of $140
million.
    In February, Lightspeed posted a net loss of $40.2 million
for the third quarter of 2024, compared with a net loss of
$814.8 million in the year-ago period. 

 (Reporting by Pritam Biswas in Bengaluru; Editing by Shailesh
Kuber)
 ((Pritam.Biswas@thomsonreuters.com;))