Xero CEO Calls $1 Billion Buyback Opportunistic as CFO Departs
1 report, 1 independent
Updated 00:00
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What happened
Xero Chief Executive Sukhinder Singh Cassidy stated that the company's $1 billion buyback scheme is opportunistic because the stock is undervalued. Shares climbed around 7 per cent to $75.81 after the announcement, which also included upgraded earnings forecasts for the full financial year. Separately, Xero announced that Chief Financial Officer Claire Bramley was leaving the business after less than two years.
From afr.com
Why it matters
The company's positive market movement, driven by the buyback and improved earnings forecasts, increases competitive pressure in the accounting software market. This movement also puts pressure on other major players in the high-growth technology sector.
From afr.com
Who's involved
- XeroAccounting software giant that announced the buyback and earnings forecast upgrade