Cloud accounting software company Xero has joined the rapidly expanding list of multibillion dollar tech companies to cut staff to improve profitability.
Cloud accounting software company Xero has joined the rapidly expanding list of multibillion dollar tech companies to cut staff to improve profitability, announcing on Thursday that it would cut up to 800 jobs.The 700 to 800 redundancies represent about 15 per cent of Xero’s total headcount.
Xero, which had 3.5 million subscribers as of September 30, is due to announce its full-year financial results in May and is expected to give more detail on its strategy then, as well as set guidance for the 2024 financial year.“We have made strong progress on executing our strategy.
“These are difficult but necessary steps as we work to further strengthen Xero for the future, while carefully balancing the interests of all our stakeholders. We don’t take these decisions lightly and we recognise today is a very hard day for our people,” Ms Singh Cassidy said.
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