Freshworks Inc. - FRSH STOCK NEWS

Freshworks (NASDAQ: FRSH) announced its participation in key investor conferences. CEO Girish Mathrubootham will present at the 50th Annual J.P. Morgan Global Technology, Media, and Communications Conference on May 24, 2022, at 6:30 a.m. PT. CFO Tyler Sloat will present at the Jefferies Software Conference on June 1, 2022, at 11:30 a.m. PT. Investors can access a replay of the audio webcast on Freshworks' investor relations website following the events.

Freshworks Inc (NASDAQ: FRSH) has been selected by KUKA, a leading German robot manufacturer, to enhance its IT support operations. With an annual revenue of 3.3 billion Euros, KUKA aims to modernize its IT capabilities by implementing Freshservice. This tool will streamline support inquiries, improve visibility of key performance indicators, and facilitate employee onboarding and offboarding processes. The swift implementation process took less than nine days, significantly enhancing efficiency and operational workflows for KUKA's IT infrastructure.

Freshworks released its second annual IT Service Management Benchmark Report, highlighting the impact of automation and AI in enhancing employee satisfaction amidst remote work. The report analyzed data from 62 million tickets across 86 countries, revealing that IT teams resolved issues 23% faster in 2021 compared to 2020. Notably, automation played a key role, with companies using it achieving 22% faster resolution times. North America reported the highest customer satisfaction at 97.92%, while Latin America demonstrated the quickest response times. The findings underscore the growing importance of IT solutions in supporting workforce productivity.

Freshworks Inc. (NASDAQ: FRSH) reported a robust 42% revenue growth year-over-year, totaling $114.6 million for Q1 2022. Despite increased revenue, the company faced a GAAP operating loss of $(47.1) million, significantly higher than $(1.7) million the previous year. The net dollar retention rate improved to 115%, reflecting strong customer retention. Net cash from operating activities fell to $1.4 million from $7.8 million. Freshworks launched a new CRM for e-commerce and welcomed numerous new customers. Cash reserves stood at $1.2 billion.

Freshworks Inc. (NASDAQ: FRSH) has announced the launch of Freshworks CRM for Shopify, enabling merchants to enhance customer engagement through integrated sales, support, and marketing functionalities. This solution, available in the Shopify App Store, allows businesses to utilize real-time conversational support and targeted marketing based on customer behavior. Merchants can automate messaging across multiple channels and gain a complete view of their customers, aiming to improve customer experiences and retention.

Freshworks Inc. (NASDAQ: FRSH) has launched Freshworks CRM for e-commerce, a customer relationship management solution designed for direct-to-consumer brands and digital retailers. This unified solution integrates marketing, sales, and customer support, empowering businesses to deliver personalized experiences across messaging channels like WhatsApp and SMS. With the potential to tap into the $7 trillion direct-to-consumer retail market, the CRM solution aims to streamline customer interactions and improve operational efficiency. Early users report significant enhancements in customer engagement and sales.

Freshworks Inc. (NASDAQ: FRSH) announces the Global Jam, a two-month event series starting May 3, 2022, in San Francisco and concluding on June 16 in London. This tour, covering 25 cities across five continents, aims to unite leaders in customer experience, IT, sales, and marketing to share strategies that enhance customer and employee satisfaction. Attendees will gain insights into emerging IT trends, enjoy networking opportunities, and hear from keynote speakers, including representatives from notable companies like Allbirds and Amazon Web Services.

Freshworks has strengthened its partnership with Device42 to enhance enterprise-grade asset management for its Freshservice customers. This integration aims to improve business continuity and service availability, essential for hybrid working environments. Key benefits include automated asset discovery and real-time infrastructure insights. Customers can also purchase Device42 licenses directly from Freshworks, which has invested in training for the integration. This collaboration is expected to address critical IT service management challenges.

Freshworks Inc. (NASDAQ: FRSH) will announce its financial results for Q1 2022 on May 3, 2022, after market close. A live audio webcast is scheduled for 2:00 p.m. PT / 5:00 p.m. ET to discuss the financial results and business highlights. Freshworks serves over 56,000 customers globally, providing software solutions that enhance business operations. This announcement reflects the company's ongoing commitment to transparency with its investors.