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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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
Source: SkyNewsAust - 🏆 7. / 78 Read more »
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.
Source: FinancialReview - 🏆 2. / 90 Read more »