The Xero Ltd (ASX: XRO) share price is rebounding on Thursday morning. At the time of writing, the cloud accounting platform provider’s shares are up 3% to $179.13.

This is a big improvement on its early action, which saw its shares drop 2.5% to $169.51.

This follows the release of its full year results before the market open.

Xero share price higher on results day

For the 12 months ended 31 March, Xero reported a 23% (20% in constant currency) increase in operating revenue to NZ$2.1 billion.

Xero’s annualised monthly recurring revenue (AMRR) grew 22% to NZ$2.4 billion for the year thanks to solid growth in subscribers and average revenue per user (ARPU).

Adjusting for the removal of long idle subscriptions,…