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

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Business 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.”

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