Consolidated revenue for Freshworks increased by 20% to $596 million

Consolidated revenue for Freshworks increased by 20% to $596 million

Consolidated revenue for Freshworks increased by 20% to $596 million

In comparison to a loss of $32 million in the third quarter of 2023, the company's net loss for the reviewed quarter was $28 million.

In the fourth quarter of 2023, there were 20,261 customers who contributed more than $5,000 in yearly recurring income, a 14 percent increase.

Software-as-a-service leader Freshworks, listed on the Nasdaq, announced consolidated revenue from operations of $596.4 million for the whole year 2023, an increase of about 20 percent from the previous year.

Freshworks reported $498 million in consolidated sales from operations for the whole year 2022, an almost 34% increase from the previous year.

Additionally, it was anticipated that the company's annual recurring revenue (ARR) would surpass $500 million in 2022.

The business recorded sales of $160.1 million for the fourth quarter that ended in December 2023, a 20% increase over the same period the previous year.

During the third and last quarters of 2023, Freshworks reported a 19% year-over-year growth in its consolidated sales of $153.6 million.

Freshworks' CEO and founder, Girish Mathrubhumi, said that the business had a great year-end and exceeded all of his financial projections for the fourth quarter. "We have integrated the most recent generative AI technology across our product line to provide our clients with significant value. He was cited in a statement as stating, "We improved our business efficiency as well as our go-to-market strategy enabled us win more expensive engagements to generate $78M in free cash flow for the year." ..GAAP loss after operations in the fourth quarter of 2023 totalled $40 million, as opposed to $60.6 million in the same period in 2022.

The company's non-GAAP operating profit was $11.5 million as opposed to a $2.8 million loss in the 2021 fourth quarter. Generally recognized accounting principles are referred to as GAAP.

The company's non-GAAP profit for the whole year 2023 was $44.5 million, as opposed to a $22.3 million loss for the same period in 2022.

In the fourth quarter of 2023, there were 20,261 customers who contributed more than $5,000 in yearly recurring income, a 14 percent year-over-year growth.

The company's goal was to reach $1 billion in sales by 2026. Abe Smith was also selected by the corporation to lead its field operations.

The company's operational expenditures for the quarter was $173.1 million, with $92.3 million going into sales and marketing.

In comparison to a loss of $32 million in the third quarter of 2023, the company's net loss for the reviewed quarter was $28 million.

Direct competitor of Freshworks, Zoho, said on February 1 that its consolidated revenue for the fiscal year 2023 (FY23) was Rs 8,703 crore, up over 30% from the previous year despite a global slump in demand for software. The total net profit for Zoho was Rs 2,836 crore.

The effect of macroeconomic conditions is causing a decline in demand for the SaaS market. Numerous businesses are using diverse approaches to address the economic downturn.