Lightspeed Commerce (NYSE:LSPD) layoffs are in the news Wednesday after the cloud-based software subscriptions and payments solutions company announced plans to reduce its headcount.
The Lightspeed layoffs will result in roughly 280 employees losing their jobs. This is part of a larger reorganization effort to reduce operating expenses at the company. That should result in a 10% reduction to its worker operating expenses.
Lightspeed says that it will suffer most of these restructuring charges in the first quarter of fiscal 2025. That’s also when it expects to finish the reorganization of its business.
Investors will learn more about the company’s financial situation when it reports earnings for fiscal Q4 2024. That’s set to take place sometime in May, Seeking Alpha notes.
Lightspeed Joins Layoffs Trend
Layoffs have been happening at companies all across the U.S. as they deal with the effects of ongoing inflation. With that comes increased interest rates also weighing on businesses.
These pressures have also caused Amazon (NASDAQ:AMZN) to recently announce layoffs in an internal email. This will result in hundreds of job cuts at the e-commerce giant.
LSPD stock is up 5.8% on Wednesday morning after announcing layoffs. This comes with some 1 million shares traded. Its daily average trading volume is about 1.4 million shares.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
