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Freshworks posts 37 percent revenue growth in September quarter, trims losses

Freshworks posts 37 percent revenue growth in September quarter, trims losses

Freshworks posts 37 percent revenue growth in September quarter, trims losses
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By CNBCTV18.com Nov 2, 2022 2:00:08 PM IST (Published)

The company’s quarterly loss per share stood at $0.01 compared to the loss of $0.04 per share a year ago.

United States-based SaaS firm Freshworks Inc. on Tuesday reported a 37 percent year-on-year jump in its consolidated revenue for the September quarter, beating analyst estimates.

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NASDAQ-listed Freshworks posted total revenue of $128.76 million for the September quarter, compared to the year-ago revenue of $96.61 million. The company has now beaten consensus revenue estimates four times over the last four quarters.
However, compared with the previous quarter, revenue was down around 5 percent owing to the slowdown in the US economy.
Freshworks’ net loss was recorded at $57.8 million during the September quarter, down from the loss of $107.4 million in the year-ago quarter.
The company’s quarterly loss per share stood at $0.01 compared to the loss of $0.04 per share a year ago. These figures are adjusted for non-recurring items.
During the company’s earnings call, CEO and founder Girish Mathrubootham acknowledged the tough macro situation prevailing currently in the US.
“The company is staying cautious of the slow growth in the economy. While we have reported a strong quarter, we are not immune to this slower economy. While new businesses picked up, expansion slowed down even as we reduced our growth forecasts and headcount needs,” Mathrubootham said.
However, Freshworks sounds optimistic about the fourth-quarter earnings. It forecasts a record fourth-quarter revenue in the range of $129-131 million, with full-year earnings expectations of $494-496 million. It also expects to record an operating loss of $8.5-10.5 million for the fourth quarter.
Freshworks Inc. shares have lost about 48.3 percent since the beginning of the year versus the S&P 500’s decline of 18.8 percent.
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