BUZZ-Freshworks slumps after revenue forecast cut, CEO transition

Reuters05-02

** Shares of software development firm Freshworks fall 26% to $13.5 premarket

** Co sees FY24 revenue between $695 mln-$705 mln, compared to prior forecast of $703.5 mln-$711.5 mln - LSEG data

** Expects Q2 rev of $168 mln-$170 mln, compared to analysts' average estimate of $172.1 mln

** Co appoints Dennis Woodside as CEO, replacing founder Girish Mathrubootham

** At least seven brokerages reduced their price target on FRSH; median PT falls from $26.33 in April to $20.43

** Oppenheimer cuts to "perform" from "outperform", while Baird downgrades to "neutral" - the equivalent of "Hold" as per LSEG

** Up to Wednesday's close, stock had fallen 22.3% YTD

(Reporting by Khushi Singh in Bengaluru)

((Khushi.Singh@thomsonreuters.com;))

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