What has changed in September for Xero USA web traffic?

After 1H 24 result:

Morgans Hold $105.00

Macquarie Underperform $87.00

Citi Buy $135.50

UBS Buy $139.30

Morgan Stanley Overweight $125.00

Ord Minnett Lighten $78.00

Xero is increasing it price since last year to combat increasing inflation and it is constantly at it. Latest price increase in Australian market as listed in link below

https://www.xero.com/au/pricing-plans/update/

So far all businesses that subscribe to xero sees value in either xero's offering or not switching to other provider.

If you read/listen/see fundies/analysts talking about Xero. Everyone says that it's a great business but if its growth in ANZ is excellent, in the UK it's good and in the USA it's average ( general sense I get this). So I compared how subscribers have grown over the period ( from 2016 to 2023) and I found Interesting numbers.

From 2016 to 2023, in 7 years

• ANZ subscribers have gone from 498K to 2133K increase of 428%
• UK subscribers have gone from 133K to 970K increase of 970%
• USA subscribers have gone from 62K to 384K increase of 800%
• RoW subscribers have gone from 24k to 254k increase of 1270%

Considering the USA is the region it has to face maximum competition, I think I would consider it a success so far.

Another interesting fun fact, in Xero's IPO prospectus they have spelled out what is the potential market they believe they are going after and how they thought what success looked like at that point in time for them. They have done remarkably well.