Unlike other tech companies that have been forced to moderate their growth plan, Lightspeed Commerce has no plans to take its foot off the accelerator, CEO Jean Paul Chauvet says in a statement. interview.
Posted at 8:18 a.m.
“We have 300 open positions, underlines the manager. We are in a dynamic of “must grow, must grow” and where there is a need for a technology like ours. »
The specialist in cloud computing, whose large part of the clientele comes from the restaurant and hotel industry, is not in the same boat as the technology companies which announced layoffs recently, assures Mr. Chauvet.
“We are really not in this context at Lightspeed, our core business is physical businesses. People are returning to in-store commerce. People appreciate being able to shop locally. »
At the end of July, its rival Shopify sent shockwaves through the industry by announcing that it was laying off 10% of its workforce in an unusual move for the e-commerce specialist, accustomed to strong growth. The company explained that it had overestimated the acceleration of online commerce after the pandemic.
Mr. Chauvet felt the need to distance himself from the difficulties of the sector. After Shopify’s announcement was “traumatic” for some, he felt the need to write to his employees to reiterate that Lightspeed was doing well and had a different Shopify model.
Despite more worrisome economic conditions, Lightspeed believes it can continue to grow on several fronts, including the number of customer locations, greater customer adoption of its software, and growth in gross transaction volume processed. by payment solution.
Revenue up 50%
Mr. Chauvet made his reassuring comments as the company on Thursday announced a 50% increase in sales to 173.9 million in the first quarter, ended June 30.
The company recorded a net loss of 100.8 million, compared to a net loss of 49.3 million.
Lightspeed believes, however, that its earnings before taxes, interest and amortization give a more representative picture of its activities while the net income takes into account amortizations related to acquisitions.
In the second quarter, it posted a loss before taxes, interest and amortization of 15.6 million, compared to a loss of 16 million in the same period last year.
Management believes it can record earnings before interest, taxes, depreciation and amortization by the end of fiscal year 2024 (ended March 2024).
Prior to the earnings release, analysts had expected a loss before interest, taxes and amortization of $16.3 million and revenue of $169 million, according to financial data firm Refinitiv.