Market News

Lightspeed (TSE:LSPD) Workforce Rejig Shuts Doors to 300 Jobs

Story Highlights

Lightspeed, the e-commerce platform provider, is among the latest to join the downsizing bandwagon. The company is set to reduce its workforce by 10%.

Lightspeed Commerce (TSE: LSPD) (NYSE:LSPD) is laying off about 300 employees as part of a workforce reorganization plan, which is about 10% of its strength. Managerial positions will make up about half of the job cuts. Hiring will, however, continue in other profitable growth areas like go-to-market and development.

Lightspeed, which provides e-commerce platforms to restaurants, retailers, and golf courses, estimates that it will pay out $12-$14 million in restructuring costs (severance payments, employee benefits, etc.) These charges will be reflected in LSPD’s earnings results for the fourth quarter fiscal 2022. However, the company expects to achieve long-run profitability from the streamlining move.

The company is confident about the success of its flagship products and believes that its offerings and the new leaner operation model will fuel long-term growth.

Is LSPD a Good Investment?

Wall Street is cautiously optimistic about the long-term prospects of LSPD stock, with a Moderate Buy consensus rating based on seven Buys, three Holds, and one Sell. The average price target of C$30.15 indicates an upside of 35.8% in the next 12 months.


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