Lightspeed Commerce lays off more employees amid strategic restructuring
Published: 15:18 02 Dec 2024 EST
Lightspeed Commerce Inc (TSX:LSDP, NYSE:LSDP) shares slumped after the Montreal-based point-of-sale software provider announced it will again be reducing its headcount as part of a strategic restructuring aimed at improving profitability.
The company said on Monday that it expects to incur an unspecified sum in restructuring charges in its upcoming third-quarter financial results.
Lightspeed did not specify which business units would be impacted by the layoffs, which will impact 200 employees.
This comes after the company laid off 280 employees in April, 10% of its workforce, as part of its cost-cutting efforts.
“We will continue to deliver exceptional services and products to all our customers, with a focus on reducing the complexity of our business and strengthening our competitive positioning,” Lightspeed CEO Dax Dasilva said in a statement.
“Today's announcement reaffirms our commitment to building an organization that can fulfil its true potential."
Shares of Lightspeed traded down 6.9% at approximately C$24 on Monday afternoon.
