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Xero's Record Revenue, Melio Impact, and AI Ambitions
Description
Xeros full-year numbers show a record-breaking revenue of $2.75 billion, a 31% increase from last year, driven by a surge in new customers. However, net profit dipped due to costs from acquiring Melio. Despite this, underlying earnings and free cash flow grew, with strong performance in Australia, New Zealand, the UK, and the US. Xeros CEO emphasizes their data and trust, positioning them for long-term success with AI on the horizon. The Melio deal resulted in net debt, and Xero is forgoing dividends to fuel growth and future AI initiatives.
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