The Globe and Mail reports in its Friday edition that on Thursday, Lightspeed Commerce posted a higher-than-anticipated loss of $814.8-million for its latest quarter, largely because of a recent spree of acquisitions, with revenue up year-over-year to $188.7-million from $152.7-million (all figures U.S.). The Globe's Temur Durani writes that chief executive officer Jean Paul Chauvet said consumer spending is a sector-wide concern, but it particularly affects Lightspeed because it represents over half of its total revenue.
"All in all today, though, I'm actually quite happy with our numbers," he said of the quarter ended Dec. 31, 2022, which showed the company broke even on an adjusted earnings basis.
Lightspeed believes consumer spending will remain under pressure in the near term, and that this presents a headwind in the months ahead. It foresees annual revenue to be between $730-million to $740-million.
"I think the tech market is shifting in general, and so are we, from a grow-at-all-costs mentality to ensuring that there is viability and profitability in the long run. Stock prices go up and down, but the companies that survive are those that have a fundamentally strong business," Mr. Chauvet said.
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