MONTREAL -- Technology firm Lightspeed POS Inc. missed earnings expectations despite cutting its net loss in the third quarter as its revenues surged 60 per cent .

The Montreal-based company, which reports in U.S. dollars, says it lost US$15.8 million or 18 cents per share, compared with a loss of US$71.1 million of US$2.37 per share a year ago.

Revenue for the quarter ended Dec. 31 grew to US$32.3 million from US$20.1 million in the third quarter of 2018. Recurring software and payments revenue in the quarter increased 58 per cent to US$28.4 million.

Lightspeed was expected to lose US$6.4 million or nine cents per share on US$32.1 million of revenues, according to financial markets data firm Refinitiv.

The company says its merchant base has expanded in the nearly one year since going public and now processes about US$20 billion in gross transactions, up 45 per cent from US$13.6 billion a year ago.

Lightspeed says its systems power more than 74,000 customer locations globally, up from 47,000 a year ago, including about 8,000 added from last month's acquisition of Gastrofix.

Lightspeed's shares lost $4.78 or 10.8 per cent at C$39.46 in midday trading on the Toronto Stock Exchange.