Thu Nov 07 06:25:51 UTC 2024: ## Freshworks Cuts Jobs to Streamline Operations, Announces Stock Buyback

**Chennai, India** – Freshworks, the Nasdaq-listed SaaS platform, announced a 13% reduction in its global workforce, affecting 660 employees. The company stated that this decision is part of a restructuring plan aimed at streamlining operations and prioritizing its fastest-growing Employee Experience (EX) business.

The move comes as Freshworks reported a 7.16% increase in revenue for the quarter ending September, reaching $186.57 million. However, the company also saw a 49% increase in net losses, reaching $29.96 million.

Freshworks CEO Dennis Woodside, who took the helm in May, explained that the restructuring involves combining teams focused on Customer Experience (CX) products and reallocating resources to the EX sector. The company anticipates incurring charges of $11 million to $13 million in the fourth quarter due to separation-related payments and associated costs.

In a separate announcement, Freshworks revealed that its board of directors has authorized a stock repurchase program of up to $400 million.

Despite the job cuts, Freshworks remains optimistic about future growth. The company forecasts a 17% to 19% year-on-year revenue increase in the fourth quarter, ending December. It also projects full-year revenue to reach $713.6 million to $716.6 million.

This move by Freshworks comes amidst a broader trend of tech companies adjusting their workforce in response to economic uncertainty and market conditions.

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