Xero reached 862,000 as of September 30, up 45 percent from 539,000 on Sept. 30, 2015. When its year ended on July 31, Intuit had 1,513,000 subscribers for QuickBooks Online, an increase of 40.8 percent from 1,075,000 at the end of the prior fiscal year. In the company's earnings press release, CEO Rod Drury described recent management changes as providing the structure to support the company's goal of reaching $1 billion ($ New Zealand) in annual revenue. Despite the strong user growth for both Intuit and Xero, the companies remain strong in different areas. Intuit's users are overwhelmingly in North America while Xero's are in Australia, New Zealand and the United Kingdom.
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XERO LOSS FLAT; REVS UP 48% Featured
Xero held its first half loss even at roughly $32 million for the first half ended September 30. Revenue for the New Zealand-based cloud software company rose to just under $100 million, up 48 percent from last year's corresponding period. Perhaps the most important numbers are the increase of subscribers since March 30.
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