The loss was impacted by impairment charges and increased financing costs. While Xero’s growth continues to be eclipsed by Intuit, it claims market leadership in Australia, New Zealand and the United Kingdom. Intuit added 1 million QuickBooks Online subscribers during its fiscal year ended July 31, reaching 3,412,000 on that date. Xero lost about $13.9 million on revenue of approximately $173.6 million for the most recently ended half. North American revenue of about $13.9 million rose by 34 percent. There were 49,000 North American subscribers a 45-percent increase. The most intriguing question about Xero’s operation involves its recent fundraising effort. In prepared statement about the results, CEO Steve Vamos said, “Xero is very well positioned to take advantage of organic growth opportunities and following the completion in October of our $300-million convertible notes issue, we have the financial flexibility to target complementary acquisitions and investments.”
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XERO HITS 1.6 MILLION SUBSCRIBERS Featured
Xero added 380,000 subscribers in the last year reaching slightly less than 1.6 million for the half year ended September 30. The New Zealand-based company issued the statistics as it reported revenue for the most recently ended period was up 36 percent, but its loss rose by 46 percent over last year’s corresponding period.
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