New Zealand's Xero Ltd said on Thursday it would cut 700 to 800 jobs globally as part of a cost-reduction programme, joining a string of global technology firms that have announced layoffs to rein in costs amid fading pandemic-led demand.Shares of the Australia-listed cloud-based accounting software compa
New Zealand's Xero Ltd said on Thursday it would cut 700 to 800 jobs globally as part of a cost-reduction programme, joining a string of global technology firms that have announced layoffs to rein in costs amid fading pandemic-led demand.
"Reshaping and refocusing to better balance growth and profitability is positive in our view," analysts at RBC wrote in a note. Wellington-headquartered Xero said it planned to exit cloud-based lending platform Waddle and expected to incur a write-down of NZ$30 million to NZ$40 million in the current financial year as a result. It had acquired Waddle in 2020.
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