Lightspeed Cuts 250 Roles Amid Profitability Push
AI-generated image · Bay Street Wire
The Montréal-based POS provider is slashing staff and closing vacant positions as part of a broader strategy to prioritize responsible growth over rapid expansion.
Lightspeed Commerce has implemented "organizational changes" resulting in the loss of 250 roles, according to reporting from BetaKit. The cuts include both active staff and the closure of vacant positions, though the company did not specify the exact split between the two. Former employees in sales and content roles first signaled the layoffs via LinkedIn.
This move follows a series of cost-cutting measures intended to steer the company toward profitability. In July, CEO Dax Dasilva told BetaKit that approximately 100 jobs were cut earlier this year to increase business efficiency. Additionally, BetaKit reports that Lightspeed divested a U.S. hospitality business unit in March and has indicated to The Globe and Mail that it remains open to further divestitures.
These shifts come as the company executes a transformation plan focused on two primary markets: European hospitality and North American retail. A spokesperson told BetaKit that these decisions are designed to support the objective of growing "responsibly and profitably," allowing for continued investment in products and customers.
The pivot follows a significant decline in company valuation. BetaKit notes that Lightspeed's share price on the Toronto Stock Exchange peaked at $159 CAD in September 2021 during a zero-interest-rate period, but subsequently fell to a third of that value within three months and currently sits around $15 CAD.
Lightspeed is expected to provide further details regarding these organizational changes during its fiscal second-quarter earnings report on Nov. 5.