Lightspeed Cutting Jobs
Canadian payments firm Lightspeed Commerce is cutting 300 jobs, or 10% of its workforce, in a reorganization aimed at simplifying its management structure and improving efficiency. The company, which provides point-of-sale software and systems for retailers and restaurants, has done several acquisitions since its 2019 initial public offering, but investors have cooled on unprofitable technology firms and Lightspeed shares are down more than 75% since the end of 2020. CEO Jean-Paul Chauvet said in a note to employees that the company’s organizational structure had become too complex with overlapping roles and a top-heavy framework, and that this was bogging the company down, creating inefficiencies, and distancing the company from customers. The layoffs will result in a cash restructuring charge of $12 to $14 million, and the company expects to report revenue “within the previously established range” for the quarter ended Dec. 31, 2022.
LSPD Stock Forecast and Analysis
Based on the stock forecasts of 10 analysts, the average target price for Lightspeed Commerce Inc is CAD 40.88 over the next 12 months. This suggests that analysts are optimistic about the company’s future performance and believe that the stock price will increase in the coming year.
Lightspeed Commerce Inc’s average rating is “Strong Buy”, which suggests that most analysts believe the stock is a good investment opportunity. However, it’s important to note that analyst ratings and target prices are not always accurate and can change over time.
Stock Target Advisor’s own analysis of Lightspeed Commerce Inc is “Neutral”, which is based on a combination of 4 positive signals and 4 negative signals. This suggests that the company has some strengths and weaknesses, and it’s important to conduct further research before making a decision to invest in the stock.
In terms of stock price, Lightspeed Commerce Inc’s last closing price was CAD 22.20. This means that the stock price has changed by +7.45% over the past week, +12.01% over the past month, and -51.52% over the last year.
About Lightspeed
Lightspeed is a Canadian technology company that provides point-of-sale software and systems for retailers and restaurants. The company’s software allows businesses to manage inventory, process payments, track customer data, and access analytics and reporting tools. It also provides e-commerce solutions, such as online ordering and delivery management. Lightspeed was founded in 2005 and went public in 2019. Since then, the company has completed several acquisitions to expand its offerings and customer base. The company’s headquarters is located in Montreal, Canada and it has offices in the US, Europe and Australia. Lightspeed’s software is used by over 60,000 businesses in over 100 countries.
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