E-commerce company Lightspeed cutting about 300 jobs
By The Canadian Press on January 17, 2023.
MONTREAL – Lightspeed Commerce Inc. is cutting about 300 jobs. The e-commerce company says the move represents about 10 per cent of its head count-related operating expenditures, with half of the cost reduction coming from management. Lightspeed says the reorganization is part of its strategy to unify all of its acquired companies and products. It estimates the cuts will result in a restructuring cash charge of US$12 million to US$14 million, primarily consisting of severance payments, employee benefits and related costs, primarily in its fourth quarter. The company will release its third-quarter results on Feb. 2. It says it expects its third-quarter revenue will be within its guidance range, while its adjusted earnings before interest, taxes, depreciation and amortization are expected to come in ahead of its outlook. This report by The Canadian Press was first published Jan. 17, 2023. Companies in this story: (TSX:LSPD) 9-8
