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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.

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