Why Freshworks Stock Plummeted Today
Shares of Freshworks (NASDAQ: FRSH) got crushed Friday. The software-as-a-service stock ended the daily trading session down 18% due to turbulence for the broader market and weaker-than-expected guidance that arrived with the company's fourth-quarter results.
Freshworks published its fourth-quarter results after the market closed on Thursday, reporting a non-GAAP (adjusted) loss per share of $0.06 on revenue of $105.5 million. The loss for the quarter was in line with the market's expectations, but sales in the period actually topped the average analyst estimate by $5.16 million.
Even so, the company guided for mounting losses in the current fiscal year, and the news arrived in conjunction with concerning reports that Russia is likely to invade Ukraine.
Source Fool.com
