Lightspeed Commerce cutting 280 jobs as it focuses on profitable growth
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Lightspeed Commerce Inc. says it is cutting about 280 jobs.
The Montreal-based technology company said Wednesday the move represents about 10 per cent of its head count-related operating expenditures.
In addition, Lightspeed says it has undertaken several other cost reduction initiatives in facilities and operations.
It says it expects that the majority of the restructuring charges will be incurred in the first quarter of its 2025 financial year which ends on June 30.
Lightspeed founder and chief executive Dax Dasilva says after integrating the company's many acquisitions it is entering a new phase, focused on profitable growth.
"This means making some hard decisions, like reducing spending in specific areas such as head count, to allow for investments in others," Dasilva said in a statement.
"As we navigate through this transition, we acknowledge the invaluable efforts of every team member who has played a role in our journey."
The company also announced Wednesday that its board has authorized the repurchase of up to 10 per cent of its public float of shares.
Dasilva served as its CEO for the bulk of the company's history but became executive chairman when he turned the reins of the company over to JP Chauvet in February 2022.
Dasilva returned to the CEO role in February this year, when Chauvet left the company.
This report by The Canadian Press was first published April 3, 2024.
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