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Xero N. American Subs Rise 19.9 Percent

Dollar sign Xero’s subscriptions in North America increased by 19.9 percent for the year ended March 31. The company this month also noted revenue on the continent rose 28 percent year-over-year, 31 percent in constant currency.

The New Zealand-based cloud software company reported fiscal 2021 revenue of about $45.1 million. 

Overall, Xero company lost about $5.7 million for the most recently ended year, compared to net income of about $12.4 million at year-ago exchange rates. Revenue for 2022 grew by 29 percent to approximately $686 million.

Australia, which is  Xero’s largest market, ended the year with 1.34 million subscribers for FY 2022, an increase of 21 percent.  CEO Steve Vamos during said a recent earnings webcast that the company increased its employee base by 31 percent to 4,784 for recently concluded year. 

The increase was 24 percent, excluding acquired business. He noted that the results reflect a “Rebound in growth across the group.”

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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