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Timenet check5/17/2023 ![]() In its recent survey of 1,100 hospitality owners, managers, and operators-along with 7,000 consumers across a number of countries-Lightspeed argues that restaurateurs grappled with high inflation rates, staff shortages, and economic uncertainty, looking for technology solutions to help them succeed. The company has spent the last year making a case that the retail segment, among others, requires its technology to succeed, and that it is targeting its point-of-sale tech and other solutions to that market. RELATED: Lightspeed to lay off 300 employees as it targets “profitable growth” Lightspeed expects to incur those charges in the company’s fourth quarter, adding that the estimated salary and related benefits from the eliminated roles will amount to $25 million annually. That said, the cuts to the company over the quarter resulted in an estimated restructuring cash charge of $12-to-$14-million, consisting largely of severance payments, employee benefits, and related costs. Chauvet earns $27.7 million CAD annually, according to a recent story on the country’s biggest C-suite earners.Ĭhauvet previously said that most of the cuts impacted management, and that the “reorganization” was mainly around restructuring toward one product versus needing to reduce costs within the company. Chauvet showed up fourth on a list of Canada’s highest-paid executives. Lightspeed itself announced a reduction of 300 employees in late January as it aimed for “profitable growth.” The news came just a few weeks after company CEO J.P. With the earnings announcement coming on Groundhog Day, it contained the feeling of the heavy prediction and inevitably of at least another six weeks of tech winter as companies and startups alike continue to cut costs and lay off staff. Its 52-week low remains $17.27 while its 52-week high is $42.89. Lightspeed’s TSX-listed stock dipped on the announcement dropping to $23.73 CAD at press time. The company’s second-quarter revenues amounted to $183.7 million.īut again, as between first and second quarter revenues, second and third quarter revenues for 2023 showed a decline in percentages year-over-year from 38 percent to 24 percent. While the third fiscal quarter didn’t represent a significant increase in revenues compared to the second fiscal quarter of 2023, it did show a slight upward trajectory between the quarters. ![]() Lightspeed also posted revenues of $188.7 million, an increase of 24 percent compared to the same time last year, and an adjusted EBITDA loss of $5.4 million, which was less than its previous forecast of approximately $9 million. ![]() ![]() “Given the decline in the valuations of technology companies broadly and Lightspeed’s share price, the Company’s net assets exceeded its market capitalization as at Decemwhich was an impairment trigger for the Company,” Lightspeed announced.ĬEO said that recent layoffs impacted management, and that the “reorganization” was mainly around restructuring toward one product. ![]() Lightspeed said it conducts an annual goodwill impairment test every December 31. Lightspeed attributed the bulk of the loss to a non-cash goodwill impairment charge of $748.7 million. Perhaps it wasn’t the best signal as Lightspeed Commerce’s third fiscal quarter earnings report season kicked off with the announcement of a net loss of $814.8 million (the company reports all figures in USD). Share on: Twitter LinkedIn Facebook Email ![]()
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