Lightspeed loses more than 11% in the stock market

Lightspeed loses more than 11% in the stock market

DAY

The financial results of the Quebec company Lightspeed have a direct impact on the Toronto Stock Exchange. The company's (TSE:LSPD) stock has already fallen more than 11% mid-day to sit at $21.88. Year-to-date, the stock is down 56%. 

Lightspeed on Thursday reported a net loss of US$79 million in the second quarter of 2022, or US$0.53 per share, compared to a loss of US$59 million, or US$0.43 per share, in the corresponding quarter last year.

Revenues for the retail technology solutions company, however, increased by 38% during the quarter ended September 30, 2022 to reach 183.7 million US$, compared to US$133.2 million for the same period of 2021.

Subscription revenue was US$74.5 million, up 25% year-over-year, driven by the Ecwid acquisition. Transaction processing revenue was US$101.3 million, compared to US$65 million in the third quarter of 2021.

Hardware revenue was down slightly from 8. US$8 million a year ago to US$7.9 million this quarter.

“We are at a crucial time for our customers in the retail and hospitality sectors. These customers find that it is technology that will allow them to move their business forward. Lightspeed's omnichannel commerce platforms help SMBs automate day-to-day tasks, communicate better with customers, and act on insightful data, which is why demand for our technology solutions is as strong as ever,” said Jean-Paul Chauvet, CEO of Lightspeed, in a statement Thursday.