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Figma Shares Plunge 18% Post-Earnings, Casting Shadow on Tech IPO Optimism
Figma Shares Plunge 18% Post-Earnings, Casting Shadow on Tech IPO Optimism
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BTCCSquare news:
Figma's stock tumbled 18% following its inaugural earnings report as a public company, sinking below its debut price and erasing hopes of a sustained tech IPO resurgence. The San Francisco-based design platform reported Q2 revenue of $249.6 million—a 41% annual increase that narrowly beat analyst expectations—yet failed to stem the selloff.
Market capitalization now stands at $27 billion, a stark comedown from July's euphoric debut when shares skyrocketed 250% on day one. Piper Sandler analysts dismissed the earnings as 'largely a non-event,' noting extreme volatility since listing. The downturn deals a blow to Silicon Valley's anticipated tech revival after years of stagnant offerings.
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