Freshworks Reports Strong Q2 Results with 19% YoY Revenue Growth

San Mateo, California – Freshworks, a leading cloud-based customer engagement platform, has reported strong results for the second quarter of fiscal year 2023 (Q2 FY23). The company’s revenue grew 19% year-on-year to $305.3 million in Q2 FY23.

“We are pleased to report strong results for Q2 FY23,” said Girish Mathrubootham, CEO and co-founder of Freshworks. “Our growth was driven by strong customer demand for our cloud-based customer engagement platform. We also saw strong growth in our subscription revenue, which now accounts for over 90% of our total revenue.”

Freshworks’ subscription revenue grew 20% year-on-year to $274.2 million in Q2 FY23. The company’s customer base grew to 123,000 customers in Q2 FY23, up 22% year-on-year.

Freshworks’ net loss narrowed to $13.9 million in Q2 FY23, compared to a net loss of $29.1 million in Q2 FY22. The company’s adjusted EBITDA loss narrowed to $10.3 million in Q2 FY23, compared to an adjusted EBITDA loss of $16.8 million in Q2 FY22.

“We are confident in our ability to continue to grow our business and deliver strong results,” said Mathrubootham. “We are focused on expanding our product offerings, growing our customer base, and driving innovation.”

Key takeaways from the story:

• Freshworks reported strong results for Q2 FY23.
• The company’s revenue grew 19% year-on-year to $305.3 million.
• Freshworks’ subscription revenue grew 20% year-on-year to $274.2 million.
• The company’s customer base grew to 123,000 customers in Q2 FY23.
• Freshworks’ net loss narrowed to $13.9 million in Q2 FY23.
• The company’s adjusted EBITDA loss narrowed to $10.3 million in Q2 FY23.
• Freshworks is confident in its ability to continue to grow its business and deliver strong results.

Implications of the story:

Freshworks’ strong results are a positive sign for the cloud-based customer engagement market. The market is expected to grow at a compound annual growth rate (CAGR) of 18% between 2022 and 2027.

Freshworks is well-positioned to capitalize on the growth of the cloud-based customer engagement market. The company has a strong product portfolio, a large customer base, and a global reach. Freshworks is also investing in new technology and partnerships to further grow its business.