Lightspeed to double down on quest for profitability after reporting Q3 loss
But the profitability outlook is becoming much more gloomy for tech companies, which have watched investor exuberance fade, valuations be slashed and even the most prominent businesses in the sector complete layoffs.
In recent months, Shopify Inc., Alphabet Inc., Amazon.com Inc. and Microsoft have all reduced their workforces as they see customers readjust to pre-pandemic shopping and business habits.Lightspeed joined the pack with a 300-worker cut last month. About 50 per cent of those who departed were in management positions.
The decision has unlocked “considerable” savings and helped the company streamline the organization to use “leaner” working models and focus on key projects and customers, Chauvet said. “Deciding to reduce head count is never an easy decision…but it was a necessary decision that strengthens our foundations for future growth.”
His comments came as Lightspeed, which keeps its books in U.S. dollars, said its most recent quarter saw a loss of US$5.39 per diluted share compared with a net loss of US$65.5 million or 44 cents per diluted share a year earlier.Weighing on what was the third quarter was a non-cash goodwill impairment charge of US$748.7 million that Lightspeed took.
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