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 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.

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