Tech company ‘Xero’ has announced ‘cost cutting plan’ to lay off 500 workers

“An acquisition it made just two years ago for more than $80 million is now going to be scrapped as well,” Mr Greenwood said.

“It just shows the difficulties that many of these tech companies are having right now to justify the amount of staff that they’ve taken on to try and grow these businesses if they’re not producing the profits.”

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ASX LIVE: ASX to rise, US stocks slip, bitcoin dips below $US22,000Australian shares are poised to open higher. S&P 500 edges higher, Silvergate plummets. Powell walks back some of his rate rhetoric. Xero to slash up to 800 jobs. Myer decalres super-sized dividend. $A hovers below US66¢. China price data ahead. Follow updates here.
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