Markets

Xero shares surge as the cloud accountancy player posts another loss

Xero’s half year revenue up 37% to $NZ256.5 million. Average revenue per user increased 6% to $31.10. Subscribers grew by 193,000 to 1.579 million. Shares in Xero jumped after the cloud accountancy player reported a 37% rise in revenue for the first half. A short time ago, the shares were […]
Xero shares surge as the cloud accountancy player posts another loss
Markets

MYOB sneaks up on competitors with online subscribers growing by 60%

Half year revenue was $218.5 million, up 7%. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) $92.7 million, up 3%. Net profit after tax $25.28 million, 10.64%. Net profit for cloud accountancy software player MYOB fell 10.64% to $25.28 million for the half year as its investment in product […]
MYOB sneaks up on competitors with online subscribers growing by 60%
Markets

CLOUD WARS: Xero says it’s crunch time for Reckon customers

Xero, the cloud based accountancy software provider, has taken a public shot at competitors MYOB and Reckon after the two announced a deal. MYOB yesterday announced the acquisition of Reckon’s accounting group division in Australia and New Zealand for $180 million. “The news was no real surprise and had been […]
CLOUD WARS: Xero says it’s crunch time for Reckon customers
Markets

Reckon shares are going nuts

Shares in Reckon surged after the accountancy software company announced a deal to sell off a division to competitor MYOB. A short time ago, the shares were up 33% to $1.61. MYOB shares were up 0.5% to $3.65. MYOB is paying $180 million to Reckon for the Accountant Group in […]
Reckon shares are going nuts
Markets

Xero is earnings positive for the first time

Xero, the cloud-based subscription accountancy package, still isn’t making a profit but future expansion will now be funded internally from cash flow rather than by capital. The company today posted a half-year loss of $NZ21.08 million, an improvement of more than 50% on the same six months last year, as […]
Xero is earnings positive for the first time
Markets

MYOB shares are getting crushed

Shares in cloud accountancy software MYOB have fallen sharply. A short time ago, they were down 9.5% to $3.34. The shares hit a high of $3.85 yesterday on the back of full year results showing a net profit after tax of $56.6 million, up 25%, and revenue 13% higher at […]
MYOB shares are getting crushed