Lightspeed Commerce cutting 200 jobs as it eyes profitable growth
CTV
Lightspeed Commerce Inc. is slashing jobs for the second time in a year as it continues a strategic review.
Lightspeed Commerce Inc. is slashing jobs for the second time in a year as it continues a strategic review.
The latest cut announced Monday culls about 200 jobs from the Montreal-based company known for selling point-of-sale software.
The company positioned the layoffs as part of "a strategic reorganization" meant to set it up for further growth and unlock savings.
"Since I returned as CEO, Lightspeed has been working harder to deliver on our profitable growth strategy," a statement from Dax Dasilva, Lightspeed's co-founder and chief executive who returned to the company's top job in February, said.
"Today's announcement reaffirms our commitment to building an organization that can fulfil its true potential."
Savings from the job cuts will be diverted to other areas of Lightspeed's business, said spokesperson Ryan Tessier in an email to The Canadian Press.
Those areas will likely be the company's "higher capital efficient growth segments" like North American retail and European hospitality, National Bank analyst Richard Tse hypothesized in a note to investors.
