Estimated reading time: 1 minute, 9 seconds


Revenue growth for Xero’s North American operation outstripped subscriber growth for this continent for the year ended March 31. Subscribers increased 13 percent year-over-

But revenue rose to. $63.8 million, up 32 percent, an increase of 21 percent in constant currency. Xero added 45,000 units in North America during fiscal 2023, 30,000 in the second half. The company said that was in “line with guidance reflecting seasonality and improved partner sales channel performance.” In an investor presentation, Xero said it was “Doing a deeper review on current execution and strategy. against the opportunity.” Xero is in the process of cutting about 15 percent of its work force. That action has been taken since Sukhinder Singh Cassidy became CEO in February. Cassidy said the company intends “To continue to be a high growth.” She discussed Xero’s overall plans to move resources between regions to support area in which growth in occurring. Revenue reached about $923.5 million for fiscal 2023, an increase of 28 percent over 2022. Xero lost approximately $75,000 for the most recently ended year, more than 10 times the red ink for fiscal 2022. Overall subscribers rose 14 percent to 3,741,000 from 3,271,000. The bottom line reflected non-cash charges of roughly. $106.3 million. These included an impairment charge of about $51.4 million for Planday “mainly reflecting a reduction in market valuation multiples along with operational performance”, roughly $32 million for impairment and other costs related to the sale of Waddle, about $28.9 million in restructuring costs and non-cash accounting revaluation gains of $11.8 million.

Read 154 times
Rate this item
(0 votes)

Visit other PMG Sites:

PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.