The CEO of software company Lightspeed Commerce. Inc. says his business has benefited from a return to pre-pandemic activities and shopping habits following COVID-19 restrictions, but he's still watching for a potential downturn.
Chauvet's comments come as the world braces itself for a potential recession and the tech sector grapples with a drop in valuations due to investor exuberance fading when pandemic measures were lifted. Montreal-based Lightspeed, which largely caters to the hospitality and retail sector, has been under pressure since a report last year by U.S. short-seller Spruce Point Management was critical of the company and accused it of misleading investors about its growth opportunities. Its shares sat at $27.84 by noon Thursday, a drop of 11 per cent or $3.60.
They don't consider the churn to be a bad thing though, because it's largely been confined to sectors that the company doesn't want to service like grocers."Merchants are turning to technology to help them do more with less," said Chauvet. Lightspeed will push this narrative as it works to address a first quarter net loss that nearly doubled from the same time last year.
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