Freshworks Inc. is a cloud-based customer engagement software company that offers businesses a suite of tools designed to improve customer relationships and streamline operations
Its platform includes solutions for customer support, sales automation, marketing, and IT service management, empowering organizations to enhance their service delivery and maintain seamless communication across various channels. By focusing on delivering an intuitive user experience, Freshworks aims to help small and medium-sized enterprises grow and thrive in competitive markets through innovative technology and data-driven insights.
Freshworks has had an impressive run over the past six months as its shares have beaten the S&P 500 by 17.4%. The stock now trades at $16, marking a 24.9% gain. This was partly thanks to its solid quarterly results, and the performance may have investors wondering how to approach the situation.
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Shares of business software provider Freshworks (NASDAQFRSH)
jumped 27.9% in the morning session after the company reported strong third-quarter earnings and provided an optimistic full-year EPS forecast, which blew past analysts' expectations. Revenue and EPS also outperformed Wall Street's estimates. Freshworks is doubling down on investments in top performing solutions such as its Employee Experience solutions which grew 40% year on year. On the side, it is also investing in new AI-driven capabilities such as Freddy Copilot and Freddy's self-service offerings. To achieve a healthy balance of growth and profitability, Freshworks announced a 13% workforce reduction, which will also help reallocate resources into its new growth projects. Overall, this was a good quarter.
Business software provider Freshworks (NASDAQFRSH) reported Q3 CY2024 results exceeding the market’s revenue expectations, with sales up 21.5% year on year to $186.6 million. The company expects next quarter’s revenue to be around $189.3 million, close to analysts’ estimates. Its non-GAAP profit of $0.11 per share was also 41.5% above analysts’ consensus estimates.
