Earnings To Watch: Freshworks (FRSH) Reports Q3 Results Tomorrow
Stock Story
Published Oct 30, 2023 03:06AM ET
Updated Oct 30, 2023 04:01AM ET
Earnings To Watch: Freshworks (FRSH) Reports Q3 Results Tomorrow
Business software provider Freshworks (NASDAQ: FRSH) will be announcing earnings results tomorrow after market close. Here's what you need to know.
Last quarter Freshworks reported revenues of $145.1 million, up 19.5% year on year, beating analyst revenue expectations by 2.57%. It was a good quarter for the company, with a decent beat of analysts' revenue estimates. The company added 664 enterprise customers paying more than $5,000 annually to a total of 19,105.
Is Freshworks buy or sell heading into the earnings? Find out by reading the original article on StockStory.
This quarter analysts are expecting Freshworks's revenue to grow 17.1% year on year to $150.7 million, slowing down from the 33.3% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.05 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company has a history of exceeding Wall St's expectations, beating revenue estimates every single time over the past two years on average by 3.77%.
Looking at Freshworks's peers in the sales and marketing software segment, only VeriSign (NASDAQ:VRSN) has so far reported results, delivering top-line growth of 5.44% year on year, missing analyst estimates by -0.75%. The stock was flat on the results.
Read the full analysis of VeriSign's results on StockStory. The whole tech sector has been facing a sell-off and while some of the sales and marketing software stocks have fared somewhat better, they have not been spared, with share price declining 8.4% over the last month. Freshworks is down 7.07% during the same time, and is heading into the earnings with analyst price target of $25.2, compared to share price of $18.
The author has no position in any of the stocks mentioned.
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