Accounting software company Xero to axe up to 800 jobs in cost-cutting measures

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Shares in accounting software company Xero soared today after it embarked on a massive cost cutting exercise which will axe up to 800 jobs.

Xero will also let go of its cloud-based lending platform Waddle, which it paid $80 million for in 2020 with an expected write-down of $30 to 40 million.

It comes as other tech companies struggle, with Atlassian letting go of 500 workers earlier this week.

 

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