Lightspeed's Q1 net loss doubled from last year as company preps for shift in economy

·1 min read

MONTREAL — Lightspeed Commerce Inc. says its first quarter net loss nearly doubled from the same time last year as the company braces itself for a potential recession.

The Montreal software business says its net loss for the three months ended June 30 amounted to US$100.8 million or 68 cents per share compared to a loss of US$49.3 million or 38 cents per share during last year's first quarter.

Analysts expected the company to report a net loss of US$61.3 million or 41 cents per share, according to financial data firm Refinitiv.

Revenue for the period reached US$173.9 million, up from US$116 million during the same quarter last year.

CEO JP Chauvet says the company has benefited from a return to shopping and dining out following COVID-19 restrictions, but is watching for a potential downturn.

If such conditions unfold, he says Lightspeed would not be immune, but he is confident the company can weather the shift.

This report by The Canadian Press was first published Aug. 4, 2022.

Companies in this story: (TSX:LSPD)

The Canadian Press

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