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Why Freshworks Stock Dropped 18% This Week

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Why Freshworks Stock Dropped 18% This Week
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Freshworks burned through $4 million in Q3 and booked significant net losses. The terms of Freshworks' initial public offering allowed for as many as 58 million shares to open for trading on Nov. 4, ending part of its lock-up period that restricts insiders from selling stock for a time after the IPO. Management is predicting sales of between $99 million and $101 million in the fourth quarter, Freshworks' second quarter as a public company.