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Xero American Users Up 200 Percent

xeroXero says the number of users of its cloud-based accounting software in North America hit 18,000 when its fiscal year ended on March 31. That's up from 6,000 at the end of fiscal 2013. Meanwhile, revenue for New Zealand-based company on the continent reached about $2.8 million, an increase of 154 percent over the prior year.

Worldwide revenue reached roughly $60 million for the year ended March 31, up 83 percent from fiscal 2013. The company said its net loss for the second half is expected to be "similar" to the roughly $30 million in red ink for the first half of fiscal 2014.

Worldwide, the number of users was 284,000, an increase of 81 percent from 157,000 a year ago. During the year, Australia become the country with the largest number of users, overtaking New Zealand. There were 109,000 users in Australia, up 114 percent from 51,000 in 2013. The total for New Zealand was 102,000, a rise of 40 percent from 73,000 the prior year.

Australia also outstripped New Zealand in revenue. There was about $23.7 million in revenue in Australia for 2013 while the total in New Zealand was about $19.8 million.

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