Xero said, "No" and said reaction to the results included overstatement of the loss by the news media. It also said the resignation of its CFO (Doug Jeffries) the day results were released "amplified any negative market sentiment relating to the Results Announcement, and by itself had a negative impact on Xero's share price." I think most of us would find the CFO's resignation after eight weeks to be something that might affect stock prices. But as to blaming the news media for inaccurate reporting of the size of the loss? Interesting, very interesting. The hiring of Jeffries and basing him in California was part of a plan to buoy American management after North American CEO Peter Karpas resigned in September after six months on the job. Xero secured $110 million more in capital earlier this year and it might be reasonable to expect the investors have some interest in the length of executive tenures and questions from exchanges
AUSSIE EXCHANGE QUERIES XERO ON LOSS Featured
Xero has posted a letter with two appendices in response to a query by the Australian stock exchange about the recently reported loss for the year ended March 31. Xero's loss of about $54 million was 96 percent higher than in fiscal 2014. The cloud software company's revenue for 2015 was roughly $141 million, 81 percent higher than in the prior year. Also posted on the New Zealand Exchange's website, the Australian Exchange's question was whether a reasonable person would consider the increased loss as having a material impact on the price or value of its securities.
