1 May 2013

Xero shares dip

12:34 pm on 1 May 2013

Shares in accounting software company Xero fell to $13.90 in morning trading on Wednesday.

The shares have more than doubled in the last three months and were sold at $1 each when the company floated in May 2007.

On Tuesday, Xero reported it had $78 million in cash at 31 March, having raised $60 million through a private placement in December.

Xero burnt through $6.7 million in cash in the three months ended March.