Lightspeed Commerce Inc (TSX:LSDP, NYSE:LSDP) shares sank more than 11% to $17.73 in early Thursday trading after the point-of-sale and e-commerce platform said it expects first-quarter 2024 revenue of US$195 million to US$200 million, less than some analysts expected.
Lightspeed did, however, see its fourth-quarter 2023 revenue rise 26% year-over-year to US$184.2 million, slightly above the C$183.9 million estimate provided by FactSet.
The company also saw its adjusted earnings for the quarter narrow to breakeven on a per-share basis from a loss of $0.15 per diluted share a year earlier, which surpassed the consensus forecast of a loss of $0.03 per share.
Lightspeed noted that its 4Q subscription revenue increased 8% to US$76.2 million, while its transaction-based revenue grew by 49% to US$99.6 million.
“Our adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss this quarter came in significantly better than our previously established outlook and shows ongoing progress towards our goal of adjusted EBITDA break even or better for fiscal 2024,” Lightspeed chief financial officer Asha Bakshani said in a statement.
Lightspeed added that its customer base has continued to shift toward higher gross transaction value.
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