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Freshworks posts 37% rise in Q3 revenue at $128.8 million, reduces growth forecast

Despite the slow growth in the economy, CEO Mathrubootham said that the firm witnessed steady growth in markets like North America, in the mid-market enterprise segment.

November 02, 2022 / 09:10 AM IST
Mathrubootham, who hails from a middle-class background in Trichy, has often said he was always an average student, but had an unquenchable thirst to learn and teach, qualities that honed his skills as a master story teller.

Mathrubootham, who hails from a middle-class background in Trichy, has often said he was always an average student, but had an unquenchable thirst to learn and teach, qualities that honed his skills as a master story teller.

Nasdaq-listed SaaS major Freshworks reported a consolidated revenue of $128.8 million - up around 37 percent year-on-year - for the third quarter ended September 2022 on the back of improved operating efficiency and customer additions.

“Overall macro pressures led to slower expansion activity in Q3, however, our customer mix from SMBs to enterprise-level continued to be durable even in this tougher macro environment,” the company’s chief financial officer Tyler Sloat said during the earnings call.

The firm’s operational loss was recorded at $58.3 million during the quarter under review, which has come down from $67.4 million recorded in the previous quarter on the back of undertaking cost efficiency measures during the third quarter.

Freshworks’ net loss was recorded at $57.8 million which has come down from the loss of $107.4 million in the same quarter last year. Freshworks' revenue on a quarter-on-quarter basis was around 5 percent, indicating the impact of the recession in the US market.