In addition, the company reported 1,386,000 subscribers at year’s end, a 34-percent increase from the prior year. However, it still did not gain ground on Intuit, whose QuickBooks Online has been growing at a blistering pace. Intuit 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. Xero’s revenue rose to approximately $281.5 million, a 38-percent increase from the 2017 totals; 37 percent in constant currencies. The bulk is from Australia and New Zealand, totaling around $191 million, up 33 percent; 31 percent in constant currencies. North American revenue was about $22 million, an increase of 28 percent; 27 percent in constant currencies. North American Xero subscriptions reached 132,000 on March 31, up 43.5 percent from March 31, 2017.
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XERO REPORTS FIRST EBITDA Featured
Xero recorded its first positive EBITDA ever for the year ended March 31, about $18 million. The New Zealand-based cloud software company also slashed its net loss to roughly $19.3 million for fiscal 2018, 60-percent lower than the red ink in 2017.
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