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Freshworks (FRSH) Expands Clientele With Lalamove Addition

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Freshworks (FRSH - Free Report) recently announced that Lalamove has adopted its Freshdesk and Freshsales to provide customized experiences to thousands of customers and business partners, thus improving sales efficiency in Asia and Latin America.

Lalamove connects business customers in several industries with driver-partners to provide on-demand and same-day delivery services through its mobile and online apps. It helps small business owners expand their operations while also supporting driver partners' livelihoods through flexible earning options.

Freshworks' sales automation platform, Freshsales, has assisted Lalamove in developing extensive customer profiles on Freshworks' Unified Customer Record, enabling their sales and support teams to have a unified view of their customers and conduct engagement analysis.

By integrating Freshdesk and Freshsales, Lalamove supports all its business partners in the channels of their choice over the whole customer lifecycle, from lead to renewal.


Freshworks’ Robust Portfolio Aids Prospects

In the past six months, Freshworks shares have jumped 23.1%, outperforming the Zacks Internet Software industry’s return of 18.8%.

Freshworks reported third-quarter 2023 revenues of $153.6 million, up 19% year over year. The increased number of customers and the addition of new generative AI capabilities across the company’s product portfolio have driven top-line growth.

The company’s strong portfolio has been a key catalyst. It recently launched Freddy AI, an AI-powered customer service suite that combines self-service bots, agent-led conversational chat and automated ticketing management to enable a modern customer support experience accessible to any company, with pricing that covers small businesses to global enterprises.

In June 2023, Freddy Self Service, Freddy Copilot, and Freddy Insights were introduced by Freshworks to make AI more accessible to every workplace and to help support agents, sellers, marketers, IT teams and leaders become more efficient with an innovative way to interact with their business software.

The company's most recent beta version includes a GenAI-powered virtual assistant that eliminates forms to provide employees with a more conversational experience.

Freshworks' IT products continue to be in high demand among mid-market and business customers.

The company continues to invest in advanced AI capabilities for customer service users, with the primary goal of increasing agent productivity.

Q4 View Strong

For the fourth quarter of 2023, Freshworks expects total revenues between $156.7 million and $159.3 million, indicating year-over-year growth of 18% to 20%

The Zacks Consensus Estimate for fourth-quarter 2023 revenues is pegged at $158.11 million, indicating 18.7% year-over-year growth.

For 2023, the company expects total revenues between $593 million and $595.5 million, indicating year-over-year growth of 19% to 20%.

The Zacks Consensus Estimate for 2023 revenues is pegged at $594.32 million, indicating 19.34% year-over-year growth.

Zacks Rank & Other Stocks to Consider

Freshworks currently has a Zacks Rank #2 (Buy).

Some other top-ranked stocks in the broader technology sector are NVIDIA (NVDA - Free Report) , Flex (FLEX - Free Report) , and Badger Meter (BMI - Free Report) . NVIDIA, Flex, and Badger Meter each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

NVIDIA shares have gained 241.3% in the year-to-date period. NVIDIA's long-term earnings growth rate is currently projected at 13.5%.

Flex shares have gained 23.1% in the year-to-date period. Flex’s long-term earnings growth rate is currently projected at 12.4%.

Badger Meter’s shares have gained 37.5% in the year-to-date period. Badger Meter’s long-term earnings growth rate is currently projected at 20.4%.

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