Figma shares plummeted nearly 20% on Thursday, falling to the lowest price since the design software vendor's initial public offering in July after the company reported earnings for the first time as a public company.
Results for the second quarter were largely in line with expectations, as Figma had issued preliminary results a little over a month ago. Revenue increased 41% from a year earlier to $249.6 million, slightly topping analysts' estimates of $248.8 million, according to LSEG.
Analysts at Piper Sandler described the report as "largely a non-event," but noted that the "shares have witnessed hyper-volatility" following their 250% surge in the trading debut.