Freshworks Inc. - FRSH STOCK NEWS

Investors in Freshworks (NASDAQ: FRSH) have an opportunity to lead a securities class action lawsuit due to alleged misrepresentations during the Class Period, starting from the September 2021 IPO. The lead plaintiff application deadline is set for January 3, 2023. According to the complaint, the company did not disclose a plateau in net dollar retention rate alongside a deceleration in revenue growth and billings, leading to materially misleading statements about its business prospects.

Freshworks Inc. (NASDAQ: FRSH) reported a strong third quarter for 2022, with revenue reaching $128.8 million, a 33% increase year-over-year and 37% growth when adjusted for constant currency. The company's operating loss improved significantly, with a GAAP loss from operations of $(58.3) million, down from $(140.3) million in Q3 2021. Despite a non-GAAP loss from operations of $(3.1) million, the company maintained a solid cash position of $1.2 billion. New customer growth and innovative product enhancements contributed to positive trends in key metrics.

Freshworks (NASDAQ: FRSH) announced a significant update across its product suite aimed at automating the customer lifecycle, leveraging AI capabilities to enhance productivity and customer satisfaction. This Fall '22 Launch introduces features in Freshchat, Freshdesk, Freshmarketer, and Freshsales, promoting automation and easy implementation. Notably, organizations utilizing these AI tools can witness a 3.5 times increase in customer satisfaction and potentially save $80 billion in agent labor costs by 2026. A virtual event is scheduled for November 9 to showcase these innovations.

Freshworks has launched Freshservice for Business Teams, extending its service management platform to non-IT departments such as HR, legal, and finance. This move aims to enhance service delivery across various business functions, allowing multiple teams to operate independently within a single instance. The new solution supports private workspaces, improves IT operations with enhanced alert management, and is designed to bolster service management across the organization. A virtual event is scheduled for November 9 to showcase these innovations.

Freshworks Inc. (NASDAQ: FRSH) will announce its third quarter financial results for the period ending September 30, 2022, on November 1, 2022, after market close. The results will be followed by a live audio webcast at 2:00 p.m. PT / 5:00 p.m. ET to discuss the highlights of the quarter. Freshworks serves over 58,000 customers globally with its business software built for IT, customer support, sales, and marketing teams. For more information, visit Freshworks Investor Relations.

Freshworks Inc. (NASDAQ: FRSH) announced that its CFO, Tyler Sloat, will participate in a fireside chat at the Piper Sandler Growth Frontiers Conference on September 13, 2022, at 8:30 a.m. PT. This event provides an opportunity to discuss Freshworks' innovative business software solutions designed for IT, customer support, sales, and marketing teams. Following the session, an audio webcast replay will be available on the Freshworks investor relations website.

Freshworks Inc. (NASDAQ: FRSH) announced the granting of significant equity awards to Dennis Woodside, its new President and director, under the 2022 Inducement Plan. The equity awards include a restricted stock unit for 1,732,501 shares and an option to purchase 1,776,780 shares at an exercise price of $13.61. These awards are part of Woodside's induction into the company and will vest over four years, with the first portion vesting on September 1, 2023. This move aims to incentivize long-term commitment and performance.

Freshworks Inc. (NASDAQ: FRSH) announced the appointment of Dennis Woodside as President, effective September 1, 2022. Woodside, previously a key executive at Impossible Foods, Dropbox, and Google, will lead the company's global operations and strategy. CEO Girish Mathrubootham expressed enthusiasm for Woodside's experience in scaling global operations, which is expected to support the company’s vision and product innovation. Freshworks reaffirmed its financial outlook for Q3 and the full year 2022, maintaining previously released earnings estimates.

Freshworks Inc. (NASDAQ: FRSH) announced that Databricks has expanded its use of the Freshservice platform across various departments, supporting the tripling of its IT workforce. This expansion aids in onboarding new hires and enhancing employee engagement for Databricks' over 4,000 employees. The software simplifies processes, such as HR document management, which reduces administrative overhead. Freshservice has improved ticket resolution speed by 23% year-over-year, significantly benefiting companies by decreasing resolution times by over seven hours.