Startup News Hubb
Advertisement Banner
  • Home
  • Startups
  • News
  • Startup Mentors
  • Contact
No Result
View All Result
  • Home
  • Startups
  • News
  • Startup Mentors
  • Contact
No Result
View All Result
Wellnessnewshubb
No Result
View All Result
Home News

Vamos says vamos as Xero losses grow

admin by admin
November 12, 2022
in News


ASX-listed accounting platform Xero has more than doubled its net loss on the previous year to the chagrin of investors who wiped more than $1 billion from the company’s valuation following the announcement and news that CEO Steve Vamos is stepping down after nearly five years at the helm.

The New Zealand tech company’s half yearly results to September 30 detailed revenue growth of 30% to NZ$658.5 million (A$603m), but the company’s net loss is up around 270% from NZ$5.59m 12 months ago, to NZ$16.1m (A$14.6m).

Total subscribers increased 16% to 3.5 million and annualised monthly recurring revenue grew 31% to NZ$1.5 billion. EBITDA was up 11% to NZ$108.6 million.

The result was mixed compared to analyst expectations.

Vamos, who turns 65 next month, said the strong revenue growth validated the company’s strategy as Yodlee cofounder and the president of ebay subsidiary StubHub, Sukhinder Singh Cassidy, steps into his shoes in February next year, while joining the business later this month for the transition.

Xero chair David Thodey praised Vamos for building the fintech since 2018.

“Steve has led Xero from 1.4 million to 3.5 million subscribers; from $484.4 million to $1.5 billion annualised monthly recurring revenue; and total subscriber lifetime value (LTV) from $3.2 billion to $13 billion,” he said.

“Steve has overseen significant expansion of Xero including completing several acquisitions in Canada, the US, Sweden, Singapore, Denmark, Australia and the UK; completing two capital raises; operationalising our global sales team and go-to-market channels; and introducing sustainability and climate targets for Xero.”

Singh Cassidy said “huge opportunities” lay ahead.

“I’m committed to building on the business’ great momentum, in line with Xero’s values. I’m looking forward to meeting Xero’s people, partners, customers and shareholders around the world, and leading the business through its next stage,” she said.

But the market was less than impressed with the result and news, with Xero shares falling more than 10% on Thursday to their lowest point in 2.5 years.

Xero (ASX: XRO) recovered by around 8% today to close at A$70.09.

But the stock has halved in value in 2022 amid a broader rout in tech stocks to sit 52% down for the calendar year.

  • Editor’s note: vamos is Spanish for “let’s go!”





Source link

Previous Post

FTX CEO Sam Bankman-Fried quits as crypto exchange files for bankruptcy • TechCrunch

Next Post

505+ Cool And Catchy Nicknames

Next Post

505+ Cool And Catchy Nicknames

Recommended Post

The Startup Magazine Pros and Cons of the Offshore Company for Software Development

2 months ago

595+ Soccer Domain Name Ideas And Suggestions

1 month ago

Blackbird builds $1 billion nest egg with record VC fund

3 months ago

Is A Recession A Good Time To Start A New Business?

4 days ago

How getting your startup’s valuation right is about supply and demand

1 month ago

The Startup Magazine How To Change Car Insurance When Moving Out Of State

3 months ago

© 2022 Startup News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Startups
  • News
  • Startup Mentors
  • Contact

Newsletter Sign Up.

No Result
View All Result
  • Home
  • Startups
  • News
  • Startup Mentors
  • Contact

© 2022 Startup News Hubb All rights reserved.

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/