Xero shares rise to $12

TOM PULLAR-STRECKER
Last updated 12:47 21/03/2013

Relevant offers

Industries

Migrant influx will be housed, says Key TSB Bank confirms ongoing talks with shaky Solid Energy Public servants could lose out on MP pay change: Andrew Little Rocket Lab teams with US giant Lockheed Trademark fight between Mr Zogs Sexwax, Zoggs ends Blue Chip's Mark Bryers makes last trip to try to lift bankruptcy Law to change on MP pay rises Immigration may boost house prices: Treasury TVNZ sees $1 million dip in interim profit Solid Energy lenders could see more losses

The share price of cloud computing company Xero continued accelerating towards the stratosphere, touching $12 in morning trading.

That was despite a statement from the company on Monday that sought to temper speculation of a United States listing.

The intra-day high valued Xero just over $1.4 billion.

Shortly after noon Xero's share price had cooled a little, up 30 cents, or 2.6 per cent, at $11.80. That followed an 85c gain yesterday.

Xero has yet to announce a target date for breaking even. The company said in February that it expected sales in the year ending March 31 to at least double to $38.6m, meaning Xero is currently trading at a multiple of 36 times forecast revenues.

Ad Feedback

- BusinessDay.co.nz

Special offers

Featured Promotions

Sponsored Content