Kiwi software accounting firm Xero has announced plans to cut up to 800 jobs to improve profits.
Xero stated that these mass layoffs were needed to enable Xero's next phase of growth.
Jarden's Director of Equity Research Elise Kennedy says this decision may be more than simple recession-proofing, as Xero needed to find new ways to grow.
"Xero actually stood out against its tech global peers with not having taken cuts to heads. So I don't think it's necessarily just got to do with the environment that's going on."
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