Freshworks sees 20% revenue growth and halves losses in Q4
- ByStartupStory | February 7, 2024
Nasdaq-listed software provider Freshworks reported a 20% increase in total revenues to $160 million for the fourth quarter ending December 31, 2023, compared to the same period in the previous financial year.
Freshworks also noted a notable decrease in net loss for the fourth quarter, standing at $28 million, down from $55.4 million in 2022.
According to Freshworks, it achieved an operating profit of $44.5 million on a full-year basis in 2023, marking its first since its debut in the US markets. “This number excludes certain non-cash expenses such as stock-based compensation, employer payroll taxes and amortisation of acquired intangibles,” the company mentioned.
On a full-year basis, Freshworks reported consolidated revenues of $596.4 million in 2023, showcasing a 20% increase from the previous fiscal year.
Freshworks, known for its IT service management product Freshservice, assists businesses with employee onboarding and management. The company’s clientele includes notable names like Nucor, S&P Global, and Bridgestone.
“This performance underscores our commitment to delivering value to our clients while driving growth and innovation within our organization,” stated a spokesperson from Freshworks.
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