Why the Xero (ASX:XRO) share price zoomed 20% higher in November

The Xero Limited (ASX: XRO) share price was among the best performers on the S&P/ASX 200 Index (ASX: XJO) last month.

Despite weakness in the tech sector, the cloud-based business and accounting software platform provider’s shares stormed 20% higher over the month.

Why did the Xero share price surge higher in November?

As well as benefiting from improving investor sentiment thanks to positive COVID vaccine developments, Xero’s shares were given a boost from the release of a strong half year result.

For the six months ended 30 September, Xero reported a 21% increase in operating revenue to NZ$409.8 million. Management revealed that this was driven largely by a 19% increase in total subscribers to 2.45 million.

Xero finished…