Xero shares plunge to 10-month low as investors question US growth plans

Fri, 15 Aug 2014

By Suze Metherell Aug. 15 (BusinessDesk) - Shares of Xero dropped to their lowest level since October last year as investors weigh the high valuation of the cloud-based accounting software firm's shareprice against its US growth aspirations. The stock fell 6.2 percent to $20.17, less than half its intraday record of $45.99 on March 6, and have shed about 44 percent over the past nine months after its soared more than 300 percent last year. Globally tech stocks have pared gains made early in the year, with the NZX Sci-tech index, which inc...

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