Xero shares are sliding

A waterslide dug into a hillside near Auckland, New Zealand. Phil Walter/Getty Images

Shares in Xero fell hard after the accountancy software company announced its first half results and its departure from the New Zealand stock exchange.

A short time ago on the ASX, the shares were down 5% to $29.41.

The company announced it was earnings positive for the first time but also that is is consolidating its stock exchange listing to the ASX and closing on New Zealand’s NZX.

Founder and CEO Rod Drury expects Xero to become an ASX200 company.