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Freshworks cuts 13% of its workforce, impacting 660 employees
YourStory
·
9m ago
Medial
Freshworks, a SaaS company, has laid off around 13% of its workforce, impacting 660 employees. The decision is part of the company's focus on key growth areas, such as AI, Employee Experience (EX), and Customer Experience (CX) offerings. The CEO of Freshworks, Dennis Woodside, stated that the company needs to simplify and operate more efficiently. Affected employees will be notified through transitional discussions, with notifications expected in the US and India first. Despite the layoffs, Freshworks reported a 22% revenue growth in the third quarter of 2024.
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Freshworks Board Approves Stock Buyback Worth $400 Mn
Inc42
·
9m ago
Medial
Freshworks, a SaaS company, has announced a share buyback initiative and has reduced its net loss by 3.5% in Q3 2024 compared to the same period last year. The company has also implemented a restructuring plan which will result in a 13% reduction in its global workforce, impacting around 660 employees.
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Westbridge Capital trims stake in SaaS firm Freshworks by 2%
Economic Times
·
8m ago
Medial
Investment fund Westbridge Capital Management has sold 2% of its stake in Freshworks, a software-as-a-service company listed on Nasdaq. The investor sold 275,000 shares during the July-September quarter, leaving them with just over 4% stake worth $221 million. Freshworks recently laid off 13% of its workforce, around 660 employees, as part of a wider effort to streamline operations. The company also plans to conduct a $400 million share buyback program. Despite the layoffs, Freshworks experienced a 22% increase in total revenue to $186.6 million in the third quarter of 2023.
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Online furniture retailer Wayfair to cut 1,650 jobs to trim costs
Reuters
·
1y ago
Medial
Online furniture retailer Wayfair announced that it will lay off approximately 1,650 employees, accounting for 13% of its global workforce, in an effort to reduce costs. The job cuts are expected to result in annualized cost savings exceeding $280 million. Wayfair had previously announced plans to cut 1,750 jobs in the previous year. As of the end of 2022, the company had a global workforce of about 17,505 employees.
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Sridhar Vembu slams Freshworks layoffs; says cash-rich company can't expect employee loyalty if it prioritises shareholder buyback
YourStory
·
9m ago
Medial
Zoho Corporation founder, Sridhar Vembu, criticized Freshworks for laying off employees while prioritizing shareholder buybacks. In a post, Vembu argued that a cash-rich company with $1 billion in cash and positive growth should not expect loyalty from employees when they are letting go of staff members and spending $400 million on stock buybacks. Although Vembu didn't explicitly mention Freshworks, his comments came shortly after the company announced a reduction in its workforce by around 13% and approved a stock repurchase program. He also expressed concern about US corporations prioritizing shareholder value over employee well-being.
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HR firms log an uptick in TCS staffers hunting for job - The Economic Times
Economic Times
·
10d ago
Medial
Tata Consultancy Services (TCS) announced a layoff of 2% of its workforce, over 12,000 employees, primarily impacting middle and senior levels by fiscal 2026. This announcement has led to an increase in job search queries from TCS employees, according to executive search firms like Transearch, CIEL HR, and Michael Page. Many expect more job cuts than those announced. Opportunities may be found in IT services, global capability centers, and startups, especially for those with expertise in emerging technologies.
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Freshworks posts $196 Mn revenue in Q1 CY25, cuts op-losses by 67%
Entrackr
·
3m ago
Medial
Freshworks posts $196 Mn revenue in Q1 CY25, cuts op-losses by 67% Freshworks operating revenue grew to $196.2 million in the quarter ending March 2025 from $165.1 million in Q1 CYFY24, its regulatory filing accessed from NASDAQ shows. SaaS firm Freshworks registered a 19% year-on-year growth in the first quarter of the ongoing calendar year (2025). Meanwhile, the company narrowed its losses from operations by 67.7% during the same period. “Freshworks delivered a strong first quarter, surpassing our earlier financial projections with revenue rising 19% year-over-year to $196.3 million. We also achieved an operating cash flow margin of 30% and an adjusted free cash flow margin of 28%,” said Dennis Woodside, Chief Executive Officer and President of Freshworks. The company registered a 20.8% year-on-year growth during the full year, raising its scale from $596 million in CY23 to $720 million in CY24. Freshworks provides marketing, sales, support, and IT solutions through a portfolio of products: Freshservice, Freshdesk, Freshmarketer, Freshchat, and Freshsales to global companies. Moving over to the cost side, Freshworks’s sales and marketing formed 43% of the overall expenditure, which saw a decline of 5.8% to $89.1 million in Q1 CY25. The company’s spending on research, employees, and general overhead took the overall cost to $207.6 million in Q1 CY25. The decent increase in growth and controlled cost mechanism helped Freshworks reduce its losses from operations by 67.7% to $10.4 million in Q1 CY25 from $32.1 million in Q1 CYFY24. The company anticipates generating revenue between $197.3 million and $200.3 million in the second quarter of CY25, with total annual revenue projected to reach $824 million for the full year. During the last quarter of its previous financial year (Q4 CY24), Freshworks reduced the workforce by 13% to streamline its operations. The firm also announced a $400 million stock buyback program.
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Went overboard in hiring…..: Wayfair's Indian-origin CEO Niraj Shah
Livemint
·
1y ago
Medial
Wayfair, the online furniture retailer, announced that it will lay off 1,650 employees, or about 13% of its workforce, in a bid to maximize its free cash flow. The job cuts are expected to result in annual cost savings of $280 million. CEO Niraj Shah admitted that the company had over-hired during a strong economic period and needed to realign its focus. Wayfair aims to deliver over $600 million in adjusted EBITDA in 2024, exceeding analyst expectations.
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Microsoft Cuts 305 Jobs at Washington HQ Weeks After 6,000 Layoffs Targeting Engineering and Legal Roles | DeepNewz Business
Business Bytes
·
2m ago
Medial
Microsoft recently announced an additional 305 job cuts at its Washington headquarters, following an earlier layoff of 6,000 employees. The latest layoffs primarily impact employees in legal, marketing, and engineering positions. These cuts are part of Microsoft's ongoing efforts to align its workforce and business strategies to adapt to changing market demands. Meanwhile, Del Frisco’s Grille in Philadelphia will close, laying off 51 employees between late July and early August 2025.
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IBM announces job cuts in marketing and communications division, says report
Livemint
·
1y ago
Medial
IBM has reportedly announced layoffs in its marketing and communications division, according to CNBC. No specific numbers have been provided yet. This follows IBM CEO Arvind Krishna's previous statement that the company plans to halt hiring for roles that could be replaced by AI in the coming years. IBM is joining the growing list of tech companies that have announced job cuts this year, with a total of 204 companies impacting almost 50,000 employees. In 2020, IBM reduced its workforce by about 3,900 jobs.
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Microsoft’s constant layoffs risk creating a culture of fear
The Verge
·
21d ago
Medial
Microsoft is undergoing significant restructuring with major job cuts, impacting 15,000 employees within months, marking the largest layoffs in over a decade. The layoffs span various departments, including technical, strategy, and sales teams, and extend to international roles. This move aligns with Microsoft's focus on AI infrastructure investment rather than reducing headcount in those areas. The workforce is experiencing low morale, fearing that layoffs may become the company's new norm.
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