Xero Losses Zoom 81pc
The New Zealand-based software company posted a net loss of NZ$44.3 million (A$40.6 million) for the six months ended September 30, up 81 percent. According to Xero, the net loss reflects an increase in investment in product development and distribution channels.
Despite the losses, the company has lifted its subscription and revenue growth over the past year, now seeing annualised monthly revenues of $218.2 million, up 65 percent from $132.3 million in the same period last year.
Its global subscriber base grew past 600,000 during the year and the company claimed it had firmed as the cloud accounting market leader in Australia and New Zealand with 425,000 subscribers.