Business
Freshworks Reports Second Quarter 2023 Results
Second quarter revenue grew 19% year-over-year, 20% adjusting for constant currencyImproved business efficiency with $18.1 million of free cash flow in the
About this update from Freshworks Inc.
[{"type":"text","content":"Second quarter revenue grew 19% year-over-year, 20% adjusting for constant currencyImproved business efficiency with $18.1 million of free cash flow in the quarterRaising full-year 2023 financial outlook midpoint for non-GAAP operating profit to $28 million San Mateo, Calif., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Freshworks Inc. (NASDAQ: FRSH), a leading software company empowering businesses to delight their customers and employees, today announced financial results for its second quarter ended June 30, 2023. “Freshworks is building on the foundations we set at the start of the year to deliver faster product innovation, and improve our efficiency,” said Girish Mathrubootham, CEO and Founder of Freshworks. “In Q2, we launched new generative AI enhancements across our product lines and outperformed our estimates across all our key financial metrics. I'm excited about the opportunity for companies to take advantage of our software to delight their customers and employees.” Second Quarter 2023 Financial Summary Results Revenue: Total revenue was $145.1 million, representing growth of 19% compared to the second quarter of 2022, and 20% adjusting for constant currency. GAAP (Loss) from Operations: GAAP (loss) from operations was $(43.3) million, compared to $(67.4) million in the second quarter of 2022. Non-GAAP Income (Loss) from Operations: Non-GAAP income from operations was $11.7 million, compared to non-GAAP (loss) from operations of $(15.8) million in the second quarter of 2022. GAAP Net (Loss) Per Share: GAAP basic and diluted net (loss) per share was $(0.12) based on 292.0 million weighted-average shares outstanding, compared to $(0.24) based on 284.8 million weighted-average shares outstanding in the second quarter of 2022. Non-GAAP Net Income (Loss) Per Share: Non-GAAP basic and diluted net income per share was $0.07 based on 296.6 million weighted-average shares outstanding, compared to net (loss) per share of $(0.06) based on 284.8 million weighted-average shares outstanding in the second quarter of 2022. Net Cash Provided by (Used in) Operating Activities: Net cash provided by operating activities was $19.9 million, compared to net cash (used in) operating activities of $(6.8) million in the second quarter of 2022. Free Cash Flow: Free cash flow was $18.1 million, compared to $(10.2) million in the second quarter of 2022. Ca...