By Akash Sriram

(Reuters) -Figma’s shares fell more than 15% in premarket trading on Thursday following a modest first-quarter earnings beat that fell short of the sky-high expectations set by its blockbuster July stock debut.

The cloud-based collaborative design software platform’s widely watched IPO set a high bar, and with shares now sharply off their peak, investors are reassessing the company’s valuation amid volatility and looming share unlocks.

Figma’s IPO was priced at $33 per share, giving the company a valuation of $19.34 billion. The stock surged 250% on debut, marking a standout entry to public markets.

It is set to lose about $5 billion on Thursday from its $33.2-billion market capitalization, if premarket losses hold, with shares off more than 52% from their peak as of We

See Full Page