Freshworks Inc. Stock Price, News & Analysis

Freshworks Inc. (NASDAQ: FRSH) has announced the winners of its first-ever Refresh App Challenge, recognizing innovative applications developed to enhance Freshservice, Freshdesk, and the Freshworks Neo Platform. The competition involved over 300 participants and showcased how easy it is to build custom apps on the Neo platform. Winning teams, Team Handyman and Team Schedule Reply, created applications that improve collaboration and automate customer interactions. Freshworks continues to enhance its platform with upcoming features like Unified Reporting and Passwordless Authentication.

Freshworks Inc. (NASDAQ: FRSH) announced that Neosensory, a company focused on non-invasive brain-machine interfaces for the hearing impaired, has adopted Freshdesk to enhance customer support. The integration allows Neosensory to resolve product issues more efficiently, improving ticket closure rates and response times. Neosensory's operations manager praised the ease of use in setting up Freshdesk, highlighting new video support for ASL users. The collaboration aids in real-time tracking of support tickets and feature requests, optimizing product development.

Freshworks (NASDAQ: FRSH) has launched Freshstack, a CRM suite designed for startups, which integrates customer support, sales, and marketing functions. This solution aims to assist startups in personalizing marketing, providing omnichannel service, and accelerating growth affordably. With an increasing number of startups relying on CRM systems, Freshstack simplifies operations while offering up to $3,000 in credits through the Freshworks Startup Program. The suite combines Freshdesk, Freshsales, and Freshmarketer, enhancing startups' capabilities to attract and engage customers effectively.

Freshworks Inc. (NASDAQ: FRSH) announced innovative updates to Freshservice at the Refresh conference, enhancing incident response management through AI-powered alerting. This development aims to capture a share of the $34 billion IT Operations Management market. The new features, available in November, enable businesses to better manage IT disruptions, enhancing efficiency and reducing downtime. Over 10,000 companies, including major names like Shopify and Vice Media, utilize Freshservice to streamline IT operations. The improvements position Freshworks as a competitive player against larger suite vendors.

Freshworks Inc. (NASDAQ: FRSH) reported third-quarter 2021 revenue of $96.6 million, a 46% increase year-over-year. The company's net dollar retention rate reached 117%, marking an 8-point rise compared to last year. However, Freshworks also reported a GAAP loss from operations of $(140.3) million. The number of customers contributing over $5,000 in ARR grew by 31%, totaling 14,079. Cash and cash equivalents were reported at $1.3 billion as of September 30, 2021. The company also announced its annual user conference, Refresh, scheduled for November 11.

Freshworks Inc. (NASDAQ: FRSH) announced a partial early lock-up release for its Class A common stock, allowing up to 58.2 million shares to be sold starting November 4, 2021. This release follows the IPO's conditions where early selling of shares is based on the stock's performance relative to the IPO price of $36.00.

As of October 27, 2021, conditions for releasing 20% of the shares were met. The remaining shares will still be under the lock-up agreements.

Freshworks Inc. (NASDAQ: FRSH) will release its third-quarter financial results on November 2, 2021, after market close. A live audio webcast will follow at 2:00 p.m. PT/5:00 p.m. ET to discuss these results and key business highlights.

Freshworks aims to provide affordable and user-friendly software solutions, catering to over 50,000 customers globally. The company operates from 13 offices and is headquartered in San Mateo, California.

Freshworks Inc (NASDAQ: FRSH) has enabled Radisson Hotel Group to enhance IT efficiencies and response times using its IT service management solution, Freshservice. As Radisson embarks on a digital transformation strategy, the use of Freshservice has helped adapt its IT infrastructure for a predominantly remote workforce. This partnership is essential for the revenue management of its 560 EMEA hotels, streamlining service requests and improving operational efficiency. Freshworks emphasizes transparency and structure in their collaboration, aligning with its vision of 'Delight made easy.'

Tech Data, a TD SYNNEX company, has signed a Distributor Agreement with Freshworks Inc. (NASDAQ: FRSH) to distribute Freshworks' business solutions in India. This partnership enables Tech Data's customers to leverage Freshworks' customer and employee engagement software. The agreement aims to enhance the IT ecosystem by providing actionable insights and promoting new consumption models, thereby supporting business growth in the region.