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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Tech company ‘Xero’ has announced ‘cost cutting plan’ to lay off 500 workersBusiness Editor Ross Greenwood says the tech company ‘Xero’ has announced that it will lay off 500 workers as a part of a “cost cutting plan”. “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.” 500 less thought leaders YannickOda oils71
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