Xero

The Xero Limited (ASX:XRO) share price lost half its value in 2022. Is the party over or can the ASX tech share start a turnaround?

With a global addressable market, I think Xero still has a very long growth runway. That means most of the new revenue can be invested in growth efforts, such as marketing and software development. I don’t think its outlook has changed much despite everything that has happened. Over the long term, this can really pay off because Xero had a subscriber retention rate of over 99% in FY22 and the first half of FY23. Indeed, it was a tough year for many [ASX tech shares](https://www.fool.com.au/investing-education/technology/) as valuations plunged. So every business by its nature…its intrinsic valuation is 100% sensitive to interest rates.