Xero Ltd
(ASX:XRO), the New Zealand cloud-based accounting software company, has reported that its revenue rose 48% to NZ$137 million in the six months ended 30 September 2016. This is down compared to the same period last year, where its revenue grew by 71%.
Xero also reported its half-yearly net loss was NZ$43.9 million, which is broadly in line with its NZ$44.3 million loss from the same period last year.
The company says its financial performance was affected by the duplicate platform costs of transitioining from Rackspace to Amazon Web Services.
However, the company has hit NZ$303 million in annualized committed monthly revenue, with 862,000 subscribers and NZ$1.7 billion in total lifetime value.
Xero reported a net loss of A$74.3 million on 31 March 2016.
