Kiwi software accounting firm Xero has announced plans to cut up to 800 jobs to improve profits.

Xero stated that these mass layoffs were needed to enable Xero's next phase of growth.

Jarden's Director of Equity Research Elise Kennedy says this decision may be more than simple recession-proofing, as Xero needed to find new ways to grow.

"Xero actually stood out against its tech global peers with not having taken cuts to heads. So I don't think it's necessarily just got to do with the environment that's going on."

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Kiwi software accounting firm Xero has announced plans to cut up to 800 jobs to improve profits.
Xero stated that these mass layoffs were needed to enable Xero's next phase of growth.
Jarden's Director of Equity Research Elise Kennedy says this decision may be more than simple recession-proofing, as Xero needed to find new ways to grow.
"Xero actually stood out against its tech global peers with not having taken cuts to heads. So I don't think it's necessarily just got to do with the environment that's going on."
LISTEN ABOVE

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Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.