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Lightspeed shares were up about 16 per cent at $28.84 in mid-morning trading.

Dario Ayala/For The Globe and Mail

Shares in Lightspeed POS Inc. were up more than 10 per cent Thursday after it reported revenue in its latest quarter increased 70 per cent compared with a year ago as demand for its e-commerce offerings soared in the wake of the COVID-19 pandemic.

However, the retail payment technology firm said it expects the total dollar volume of transactions by its customers and demand for its services will be affected and business failures among its customers, which includes restaurants and retailers, will increase so long as physical-distancing measures remain in place in the core markets it serves.

“We delivered strong financial results to finish up our fiscal year, despite the difficult macro environment encountered through the back half of March,” Lightspeed chief financial officer Brandon Nussey said in a statement.

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“While the effects of COVID-19 will cause some uncertainty for the foreseeable future, we are encouraged by the signs we are seeing for Lightspeed’s solutions and what it signals for our long-term potential.”

Lightspeed said e-commerce adoption was robust with a 400 per cent increase in e-commerce volumes processed by Lightspeed retailers in April compared with February levels.

The company added that its Lightspeed Payments revenue also had a record month in April, helped by increased online sales and new customer adoption.

However, it noted that hospitality customer volumes remain challenged due to the continuing shutdowns affecting most markets.

Montreal-based Lightspeed, which keeps its books in U.S. dollars, made the comments as it reported it lost US$19.6-million or 21 cents per diluted share for the quarter ended March 31.

That compared with a loss of US$96.1-million or US$2.21 per diluted share a year ago when the company saw a large one-time charge related to its preferred shares which converted into common shares prior to its initial public offering.

Revenue for what was the company’s fourth quarter totalled US$36.3-million, up from US$21.3-million a year earlier.

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Lightspeed had 76,500 customer locations at the end of March, up from 49,000 at the same time last year.

Shares in the company were up $4.04 or about 16 per cent at $28.84 in mid-morning trading on the Toronto Stock Exchange.

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