Shares of Freshworks Inc. (FRSH) surged over 5% on Wednesday, propelled by the company's upbeat quarterly results and raised financial forecasts for the year. The software firm attributed the strong performance to growing demand for its AI-driven products that help businesses manage their IT services and customer support.
Freshworks, which offers solutions like Freshservice for IT service management and Freshdesk for customer service, reported a 22% increase in third-quarter revenue to $186.6 million, exceeding analysts' estimates. The company's adjusted profit per share of 11 cents also surpassed expectations.
Buoyed by the strong results, Freshworks raised its annual revenue guidance to a range of $713.6 million to $716.6 million, up from its previous forecast of $707 million to $713 million. The company also lifted its annual adjusted profit per share forecast to 38 cents to 39 cents, higher than its prior guidance of 32 cents to 34 cents.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.