Xero widens first-half loss, concedes US did not execute to plan

Thu, 20 Nov 2014

By Suze Metherell Nov. 20 (BusinessDesk) - Xero, the cloud-based accounting software firm, widened its first-half loss after spending more on staff and marketing. The Wellington-based company's loss swelled to $24.5 million in the six months ended Sept. 30, from a loss of $17.1 million a year earlier. Sales rose 79 percent to $55.8 million, as its subscription revenue increased 85 percent to $52 million. In the period it boosted staff numbers 70 percent to 993 employees, while its customers increased 76 percent to 371,000. Its annual...

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