Fri Nov 08 22:44:25 UTC 2024: ## Freshworks Announces $400 Million Stock Buyback Program Amid Restructuring

**San Mateo, CA – October 26, 2024** – Freshworks Inc., a leading SaaS company, has announced a $400 million stock buyback program approved by its board of directors. This initiative allows Freshworks to repurchase shares from the open market, through private negotiations, or other compliant methods. The move comes as the company reported a 21.4% year-over-year revenue growth for the third quarter of 2024, reaching $186.6 million.

Despite the revenue increase, Freshworks also announced a restructuring plan that involves cutting 13% of its global workforce, impacting approximately 660 employees. The company attributed this decision to strategic realignment and optimization efforts.

Freshworks’ third-quarter results showed a 3.5% year-on-year reduction in consolidated net loss to $29.95 million. While the company reported an uptick in revenue and improved its net loss, the net loss widened sequentially by over 48% from the previous quarter.

“We are confident in our growth trajectory and believe that this stock buyback program demonstrates our commitment to enhancing shareholder value,” stated [Name of Freshworks CEO].

The company also highlighted its strong customer growth, with over 800 new customers added in the third quarter, bringing the total customer count to 69,600. Notably, the number of customers contributing over $5,000 in annual recurring revenue (ARR) rose 14% year-on-year to 22,359. Freshworks’ net dollar retention rate stood at 107% for the quarter.

The company recently appointed Murali Swaminathan as its Chief Technology Officer (CTO), who will lead Freshworks’ global engineering and architecture teams.

Shares of Freshworks traded 5.23% higher at $13.09 on NASDAQ following the announcement.

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