Lightspeed Commerce cutting 280 jobs as it focuses on profitable growth

By The Canadian Press on April 3, 2024.

MONTREAL – Lightspeed Commerce Inc. says it is cutting about 280 jobs.

The Montreal-based technology company says the move represents about 10 per cent of its head count-related operating expenditures.

In addition, Lightspeed says it has undertaken several other cost reduction initiatives in facilities and operations.

It says it expects that the majority of the restructuring charges will be incurred in the first quarter of its 2025 financial year which ends on June 30.

Lightspeed founder and chief executive Dax Dasilva says after integrating the company’s many acquisitions it is entering a new phase, focused on profitable growth.

The company also announced that its board has authorized the repurchase of up to 10 per cent of its public float of shares.

This report by The Canadian Press was first published April 3, 2024.

Companies in this story: (TSX:LSPD)

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