'Must have' Freshworks turns in strong Q1 on the back of rival defections despite macro-economic climate getting no better

A strong start to its new fiscal year for Freshworks which just turned in 19% year-on-year revenue growth - up to $196 million - while cutting its GAAP operating loss by 67%, from $32.2 million a year ago to $10.4 million. Other stats of note from yesterday’s post-earnings analysts call:

• Freshworks had “over 73,000” customers as of the end of Q1 with 1,000 net new additions during the quarter.

• Customers contributing more than $5,000 in Annual Recurring Revenue (ARR) rose 13% year-on-year to 23,275.

• New customers during Q1 included All3Media, Broad River Retail, Freudenberg Group, The Christie NHS Foundation Trust, and Veracode.

• At the end of Q1, Freshworks had approximately 59,000 Customer Experience customers, generating over $370 million in ARR, seven percent year-on-year growth.

• Employee Experience solutions grew 33% year-on-year to account for $420 million ARR, wit more than three-quarters of that coming from ...