Xero posts $14.4 mln FY loss, doubles revenue and paying customers

Thu, 23 May 2013

May 23 (BusinessDesk) – Xero, the cloud-based accounting firm, widened its annual loss in line with is guidance while using cash reserves to double revenue and paying customers. The net loss was $14.4 million in the 12 months ended March 31, from a loss of $7.9 million a year earlier, the Wellington based company said in a statement. Operating revenue rose 102 percent to $39 million. Shares of Xero have climbed from just 85 cents in May 2008 to $13.90 today, rewarding shareholders who have subscribed for some $180 million of equity including...

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