Quebec company Lightspeed’s financial results directly impact the Toronto Stock Exchange. Shares of the company (TSE:LSPD) are already down more than 11% to $21.88 at midday. Since the beginning of the year, the promotion is down 56%.
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Lightspeed Thursday reported a net loss of $79 million for the second quarter of 2022, or $0.53 per share, compared to a loss of $59 million, or $0.43 per share, in the corresponding quarter last year .
However, revenue for the retail technology solutions business increased 38% to $183.7 million for the quarter ended September 30, 2022 from $133.2 million for the same period in 2021.
Subscription revenue was $74.5 million, up 25% year over year, driven by the acquisition of Ecwid. Those from transaction processing were $101.3 million compared to $65 million in the third quarter of 2021.
Hardware sales decreased slightly to $7.9 million in the quarter from $8.8 million in the prior year.
“We are at a pivotal time for our retail and hospitality customers. These customers are finding that it is technology that allows them to grow their business. Lightspeed’s omnichannel commerce platforms help SMBs automate their daily tasks, better communicate 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.