This photo illustrates the Freshworks Inc logo on a smartphone screen.
Pavlo Gonchar | SOPA Images | LightRocket | Getty Images
The company’s success story is shown below:
- EarningsAccording to Refinitiv, analysts expected a loss of 10c per share. Instead, there was a loss of 4 cents per shared, adjusted.
- Revenue90.8 million was the expected value, as per Refinitiv.
Freshworks reported that revenue grew by almost 46% during the third quarter. statement
According to the company, it expects an adjusted loss between 22 and 20 cents per share. This is less than what analysts polled at Refinitiv expected of 23 cents. The company’s revenue projection of $364.5million to $366.5million was just under the $366.5million Refinitiv consensus. It would represent a 37% decrease in revenue per quarter.
This might work for certain companies but Freshworks stock rose quickly after it set its September share price at $36. Freshworks stock was up 39% before the post-hours action. Investors have scrambled to acquire high-growth cloud stocks over the past year. WisdomTree Cloud Computing Fund rising 50%, while the S&P 500 index is up less than 40% over the same period.
Freshworks’ finance chief Tyler Sloat stated that employees may sell stock of the company for the first-time on Thursday.
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