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Why Freshworks Stock Dropped 16% Today

Shares of software-as-a-service specialist Freshworks (NASDAQ: FRSH) cratered on Wednesday, falling 15.9% through 10 a.m. EDT despite the company reporting what was technically an “earnings beat” last night. Analysts had forecast that the company, which provides help-desk services to small and medium-sized businesses, would book $90.8 million in sales and lose $0.10 per share in the third quarter. In fact, Freshworks booked sales of $96.6 million and lost only $0.04 per share.

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