Estimated reading time: 0 minutes, 50 seconds

XERO SUB GROWTH GROWS Featured

 Xero bounced back to profitability for its year ended March 31 and reported a 22-percent increase in revenue.

But it added only 419,000 subscribers for fiscal 2024, up 11 percent from 470,000, the prior year. That compares to a 14-percent increase from fiscal 2022 to fiscal 2023. By contrast reported a 19-percent gain in revenue for QuickBooks Online for the third quarter ended April on a much larger base with QBO sales likely to easily pass $3 billion for the year ending July 31. However, Xero’s faster growth path had not been profitable and a year ago it announced a 15-percent cut to its workforce. For the most recently ended year, after-tax profit was about $106.9. million, compared to a loss of roughly $69.6 million for fiscal 2023 calculated at current exchange rates. Xero’s revenue for fiscal 2024 was slightly more than $1 billion. One drag on subscription increases was New Zealand, Xero’s fourth-largest market, whose subscriber base rose 7 percent to 605,000 from 567,000 year-over-year. The small North American market recorded 422,000 subscribers on March 31, an increase of 11 percent from 384,000 in fiscal 2023.

Read 242 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.