Now, they’re asking themselves, “Do I have job security? Am I with an employer that’s going to keep me? And I think it’s reassuring for Lightspeeders to see that we are doing so well in a market that’s having difficulties,” he said. Gone are the days where tech staff “thought they could find jobs everywhere, anywhere,” said Chauvet. “Ultimately, placing this bet was my call to make and I got this wrong.”Īs a result, the industry has lost much of its swagger. “We bet that the channel mix - the share of dollars that travel through e-commerce rather than physical retail - would permanently leap ahead by five or even 10 years,” Shopify chief executive Tobi Lütke wrote in a message to staff. Shopify, one of Lightspeed’s main competitors, made the same ill-fated gamble. Meta wasn’t the only company to misjudge the shift to e-commerce.
Montreal’s Lightspeed is leading the workplace renaissance.Lightspeed posts wider $79.9-million loss in second quarter.Unfortunately, this did not play out the way I expected.” He added that decreased ad revenue and the impending recession have resulted in lower revenues. Zuckerberg added, “I did too, so I made the decision to significantly increase our investments. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended.” “At the start of COVID, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.
“I view layoffs as a last resort,” Meta CEO Mark Zuckerberg wrote in a message to employees. But I think the market isn’t fully appreciating the strength of their competitive position.”Ĭhauvet, who replaced Lightspeed founder Dax Dasilva as CEO in February, and president Jean-David Saint-Martin said they believe that if they stick to their three-part plan - consolidating their acquisitions under one cohesive brand, implementing their payments business and narrowing their focus to established small- and medium-sized businesses - profitability will naturally follow. “I’d say there is a disconnect in the performance of the business and the stock,” said Moschopoulos, adding that he expects Lightspeed’s stock to outperform the market over the next year. Thanos Moschopoulos, an analyst at BMO Capital Markets who follows Lightspeed, said Chauvet might have a point. Lightspeed’s share price is “a short-term reflection of a market where interest rates are through the roof and yields are very far from what they were,” said Chauvet, and “is no way a reflection of our performance.”
Meta and Shopify are both down about 70 per cent from January, and the tech-heavy Nasdaq composite index is down 30 per cent on the year. Pouring money into hiring may seem a counterintuitive choice for Lightspeed, whose share price is down about 60 per cent this year.īut Chauvet said his company is being unfairly punished by an indiscriminate move away from tech stocks, as they look like riskier bets amid higher interest rates and worries about a recession. “Our recruiters spend their time saying: ‘Yeah! Facebook just downsized!’ … Let’s go and try and recruit the best people there.” “We’re spending a fortune on hiring,” said Chauvet. The company isn’t feeling the strain as acutely as “pure digital” players such as Meta, said Chauvet, because Lightspeed serves brick-and-mortar companies.
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