Document Management

Cloud software vendor Xero sharply cut its loss for the year ended March 31. The New Zealand-based company this week said the loss for the recently ended year was about $19.3 million, 60-percent lower than in 2017. It also reported its first positive annual EBITDA, roughly $18 mill

Revenue was approximately $281.5 million, a 38-percent increase from the 2017 totals; 37 percent in constant currencies. Revenue from Australia and New Zealand, totaled around $191 million, up 33 percent; 31 percent in constant currencies. North American revenue was roughly $22 million, an increase of 28 percent; 27 percent in constant currencies

 Xero ended fiscal 2018 with 1,385,000 subscribers, up 34 percent increase from fiscal 2017. But that is significantly lower than the pace recorded by Intuit for QuickBooks Online. The rival software company had 2,827,000 QBO subscribers at the end of its second quarter on January 31, an increase of 51.1 percent from 1,871,000 subscriptions a year earlier. 

 The company switched leaders this year with founder Rod Drury turning over the CEO’s job to Steve Vamos on April 1 with Drury remaining as non-executive chairman. 

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