In a rapidly evolving technological landscape, Sukhinder Singh Cassidy, the CEO of Xero, is reassuring investors that the company’s fundamental products are not at risk of being easily replaced by artificial intelligence tools. She argues that Xero’s strong data advantage positions it favorably against emerging competitors, amidst growing concerns from shareholders.
Xero, an accounting software company based in Wellington and listed on the ASX, has seen its stock price drop significantly, from $194.51 in June to $95.60. This decline has been largely attributed to apprehensions regarding the company’s $4 billion acquisition of American bill payment company Melio. Wider market trends have also seen software firms that depend on subscription models facing declines, largely driven by fears that AI technologies could disrupt their established business frameworks.
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