Freshworks Inc. Stock Price, News & Analysis

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.

Freshworks (NASDAQ: FRSH) announced the appointment of Jennifer Taylor as an independent board member. She brings extensive experience from roles at Cloudflare, Salesforce, and Adobe, focusing on product innovation and customer-centric strategies. CEO Girish Mathrubootham expressed excitement about Taylor's potential to enhance Freshworks' offerings. With over two decades in the field, Taylor sees opportunities for the company to transform customer and employee experiences through intuitive software solutions.

Freshworks has announced that Dunzo, a leading quick commerce app in India, is utilizing its Freshdesk AI to automate over 60% of customer support tickets as monthly orders surpass 2 million. The Indian e-commerce market is projected to grow by 84% by 2024, reaching an estimated value of $111 billion. Dunzo's demand for essentials surged by 320% during the pandemic. Freshdesk's AI reduces customer response times from 4 minutes to 46 seconds, leading to a 30% decrease in support costs. The collaboration emphasizes enhancing customer experience and operational efficiency.

Freshworks Inc, based in San Mateo, Calif., has successfully closed its initial public offering (IPO) on September 24, 2021. The offering included 31,350,000 shares of Class A common stock, with an additional 2,850,000 shares purchased by underwriters, priced at $36.00 per share. The shares are now listed on the Nasdaq under the symbol FRSH. Major banks such as Morgan Stanley, J.P. Morgan, and BofA Securities led the offering, which is a significant milestone for the company as it seeks to empower businesses in customer engagement.