Xero keeps eye on long game, will chase sales growth as losses widen

Wed, 14 Nov 2012

Nov. 14 (BusinessDesk) - Xero, the cloud-based accounting service, posted a wider first-half loss and said it will keep spending to build sales after more than doubling its global customer base. The loss was $7 million in the six months ended Sept. 30, up from a loss of $3.7 million a year earlier, the Wellington-based company said in a statement. Sales soared 119 percent to $17.3 million, closely followed by a 105 percent jump in operating expenses to $22.8 million. Xero expects to double operating revenue in the full year, when it will pos...

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