Lightspeed Commerce chief executive Jean Paul Chauvet says the company will focus on sales growth in 2024, even as macroeconomic uncertainty weighs on its fiscal outlook. ) chief executive Jean Paul Chauvet says the company will focus on sales growth in 2024, even as macroeconomic uncertainty weighs on its fiscal outlook.
While the results surpassed analyst expectations, shares of Lightspeed plummeted as much 25 per cent on the Toronto Stock Exchange on Thursday as the company reiterated a conservative guidance, flagging macroeconomic uncertainty. Lightspeed increased the lower end of its 2024 fiscal outlook, but said it "remains cautious on near term prospects due to a still uncertain macroeconomic environment.
"We're obsessing with what we can control, which is payments penetration, which is revenue growth, which is our customer pool expansion," he said in an interview with. The company previously allowed customers to integrate its point-of-sale technology with any payment terminal brand, but last year it began requiring customers to sign up for both.
Lightspeed also reported a net loss in the third quarter of $40.2 million, or 26 cents per share, an improvement from last year when it posted a net loss of $814.8 million, or $5.39 per share, which included a goodwill impairment charge of nearly $750 million. On an adjusted basis, the company reported a profit of $11.8 million, or 8 cents per share.Shares of Lightspeed Commerce slipped despite strong third-quarter results that beat earnings expectations on both revenue and adjusted EPS.
Source: News Formal (newsformal.com)
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