SupportUS

Freshworks Layoffs

November 2024

Freshworks announced a layoff affecting 660 employees (13% of its workforce) in November 2024. The company operates in the Support sector.

People Affected

660

Percentage

13%

Announced Date

Nov 7, 2024

About

Freshworks, a Nasdaq-listed SaaS platform, announced a 13% reduction of its global workforce on November 7, 2024, affecting 660 employees out of a total of over 5,000. The layoffs are part of a restructuring plan to streamline operations and reallocate investments toward its fastest-growing Employee Experience (EX) business, following a strategic shift under new CEO Dennis Woodside. The company expects to incur related charges of $11-13 million in Q4 2024 and complete the restructuring by year-end. Concurrently, Freshworks authorized a $400 million stock buyback program. Despite a 7% quarterly revenue increase to $186.57 million, net losses widened, highlighting the operational pressures prompting this move.