California-based software company that provides cloud-based customer engagement solutions, recently posted an adjusted operating profit for the first time in its history during the first quarter of 2023. The company reported a profit of $1.6 million on revenue of $161.2 million, up 43% YoY.
According to the company, the growth was driven by strong demand for its customer engagement solutions, as businesses around the world continue to prioritize digital transformation in the wake of the pandemic.
Freshworks, which was founded in 2010, provides customer service, sales, and marketing automation software solutions to over 50,000 customers across the globe. The company went public in September 2021 and its shares are listed on the NASDAQ.
Freshworks, a leading provider of cloud-based customer engagement software, reported an adjusted operating profit for the first time in Q1 2023. The company’s revenue grew by 43% year-over-year to $221.5 million, while its adjusted operating profit was $1.4 million, compared to a loss of $13.4 million in the same period last year. The company attributed its strong performance to continued customer growth, with the addition of over 3,500 new customers in the quarter, and a 124% net revenue retention rate. Freshworks also raised its full-year revenue guidance to $935 million to $945 million, up from the previous guidance of $925 million to $935 million. The company went public in September 2021 and is listed on the NASDAQ under the ticker symbol “FRSH”.