In short
- Figma shares fell practically 20% Thursday to $54.56, down from a excessive of $122 in early August.
- Q2 income rose 41% to $249.6 million, barely beating expectations, with 2025 adjusted working earnings forecast at $88–$98 million.
- The agency disclosed $91 million in Bitcoin holdings however its CEO careworn it’s “a design firm,” not a Bitcoin holding agency.
Software program large Figma’s shares plunged Thursday after it printed its first quarterly report as a publicly traded firm, with its CEO claiming he wasn’t making an attempt to be Technique boss Michael Saylor with regard to its Bitcoin holdings.
Nasdaq knowledge exhibits that Figma (FIG) was down practically 20% Thursday afternoon, one hour forward of the closing bell, with shares priced at $54.56.
Shares reached a excessive of $122 initially of August, simply days after the corporate went public on the NYSE.
The drop got here after earnings on Wednesday confirmed that the software program firm’s income grew 41% year-over-year to $249.6 million, barely greater than anticipated.
Adjusted working earnings for 2025 is anticipated to be $88 million to $98 million, in contrast with a mean projection of $88 million, the agency stated.
The corporate stated in July that it had been holding onto a multi-million-dollar Bitcoin funding for greater than a yr through a Bitcoin ETF, on the time valued at near $70 million.
However in an interview with CNBC, the software program agency stated that it wasn’t making an attempt to be like Technique—previously MicroStrategy—which is now the biggest company holder of Bitcoin.
“This isn’t a Bitcoin holding firm,” CEO Dylan Subject was quoted as saying. “It is a design firm.”
Figma has purchased Bitcoin as a diversification hedge moderately than following within the footsteps of Bitcoin treasuries—firms that purchase and maintain the crypto to pump their inventory.
Nonetheless, the software program large stated it could purchase extra Bitcoin again in July, and a Wednesday submitting with the SEC confirmed that it had practically $91 million within the crypto.
Based in 2012, Figma started as a browser-based interface design instrument and has grown right into a extensively used platform for cross-functional product groups.
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