Xero swings to profit on subscriber surge

Xero has swung to a $NZ1.34 million ($A1.24 million) first-half profit after the cloud accounting software firm’s revenue rose by nearly a third.

Operating revenue for the six months to September 30 jumped 32 per cent to $NZ338.7 million after subscriber numbers rose 30 per cent to just over 2 million.

“While it took more than a decade to add Xero’s first million subscribers, it took just two and a half years to add the next million, demonstrating the pace of Xero’sĀ adoption across a number of markets,” the company said in a release to the ASX.

AAP

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