RTTNews | Nov 3, 2021 11:02AM EDT

11:02 Wednesday, November 3, 2021 (RTTNews.com) - Shares of software company Freshworks Inc. (FRSH) are down 12 percent on Wednesday's trading as the company reported wider loss in the third quarter, despite coming in above Street estimates. The company also provided full-year outlook, which is below analysts estimates.

The company posted third-quarter net loss of $2.37 billion or $24.72 per share, wider than net loss of $267.9 million or $3.49 per share in the same period last year.

Excluding items, loss was $4.07 million or $0.04 per share in the third quarter, compared to income of $2.51 million or $0.01 per share in the previous-year period, while analysts were looking for loss of $0.1 per share.

Total revenues rose 46 percent to $96.6 million from $66.2 million a year ago, while analysts were looking for revenues of $96.6 million for the period.

For full year 2021, the company expects net loss between $0.22 and $0.20 per share, while analysts were looking for net loss of $0.23 per share. Total revenues are expected between $364.5 million-$366.5 million while analysts were looking for revenues of $356.4 million.

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