Why Freshworks Stock Zoomed 8% Higher Today
Business-software specialist Freshworks (NASDAQ: FRSH) was quite the outperformer on Wednesday. Following its latest quarterly earnings release, the company's share price took off and ultimately closed the day more than 8% higher. Investors obviously liked what they read in the release.
Freshworks issued the release after market hours Tuesday, hence the notable change in price the following day. In its second quarter, the company managed to grow revenue by a robust 37% on a year-over-year basis to just over $121 million. On the bottom line, though, the company's non-GAAP (adjusted) net loss widened to $15.8 million ($0.06 per share) from second-quarter 2021's $5.4 million deficit.
Regardless, both headline figures topped analyst projections. Collectively, those prognosticators were estimating Freshworks would book slightly more than $118 million in revenue and post a marginally deeper adjusted net loss of $0.07 per share.
Source Fool.com
