Xero ended its half on September 30 with 2 million subscribers. The New Zealand-based cloud company said during its release of results for the six months that the number represented a 30-percent increase over its subscriber base at the end of the first half of fiscal 2019.

Xero also reported its second consecutive profit—net income of about $839,000 for the most recently ended half, compared to a loss of roughly $17.9 million a year earlier. Xero reported revenue of about $213.2 million, up 32 percent from last year’s corresponding period. In their review of the half, chair Graham Smith and CEO Steve Vamos said it had taken 10 years to reach the first million subscribers, but only two-and-a-half years to hit 2 million. The hottest major market for Xero was the United Kingdom, now its second-largest customer base. There were 536,000 U.K. subscribers at the end of the half, an increase of 51 percent over Sept. 30, 2018. Australia remained the largest country market, ending the half with 840,000 subscribers, an increase of 28 percent year-over-year. The third largest country, New Zealand, reported 367,000 subscribers at the end of a half, up 13 percent. North America had 215,000 subscribers, an increase 21 percent. Subscribers in the rest of the world increased by 52 percent to 99,000.

Last modified on Friday, 08 November 2019
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