Indian ancestry Freshworks, a Software-as-a-Service (SaaS) company listed on the Nasdaq, released its financial results for the quarter that concluded in September. The business recorded a 19% increase in consolidated revenue to $153.6 million over the previous year. This followed the addition of new clients and the retention of significant clientele.
Details on Indian SaaS startup Freshworks, listed on the Nasdaq, plans to generate $1 billion in revenue by 2026
Freshworks CEO Girish Mathrubootham stated, “We delivered another solid quarter of performance and we outperformed our own estimates across major key financial metrics” following the release of the results.
The SaaS company’s operating costs for the quarter totaled $166 million, with $90 million going mostly toward sales and marketing. Compared to a loss of $57 million in the third quarter of 2022, their net loss for the reviewed quarter was $32 million.
In the third quarter of 2022, the SaaS company’s non-GAAP loss from operations was $3.1 million, while its non-GAAP income from operations was $17.4 million. Generally Accepted Accounting Principles, or GAAP for short, is a set of widely accepted principles and guidelines for financial reporting in accounting.
New customer additions, particularly major customer additions, are among the company’s growth drivers for the quarter, according to company management.
Additionally, the CFO stated that the growth drivers are trending in the direction of the company’s goal of generating $1 billion in revenue by 2026.
