Xero added 45,000 units in North America during fiscal 2023, 30,000 in the second half..” The FY 2023 subscriber total hit 384,000.
Revenue for the cloud accounting software company rose to approximately $63.8 million, which the company said in a recent earnings webcast was in “line with guidance reflecting seasonality and improved partner sales channel performance.”
Overall, Xero lost approximately $75,000 for the most recently ended year, more than 10 times the red ink for fiscal 2022. Fiscal 2023 revenue was rough $923.5 million, an increase of 28 percent over the prior year.
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.” In the webcast, she discussed Xero’s overall plans to move resources between regions to support area in which growth in occurring.
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.