Figma plunges after first earnings since IPO, as lockup for some shareholders set to expire, guidance fails to excite

Figma shares were trading as much as 16% lower in early trading on Thursday after the design software company reported Q2 results — the company’s first report since its IPO in July.

Second-quarter revenue increased 41% year over year to $249.6 million, narrowly ahead of analyst estimates of $248.7 million, and adjusted earnings came in at $0.085 per share, topping Bloomberg-compiled forecasts of $0.081.

Given Figma’s lofty valuation — at yesterday’s close, the company’s market cap was more than 32x its expected revenues for this fiscal year — guidance, which is broadly in line with consensus forecasts, may not have been enough to excite investors. The company expects third-quarter revenue to be between $263 million and $265 million, with sales for the full year between $1.021 billion and $1.025 billion.

Perhaps most importantly, however, is that the company also disclosed that certain conditions about its stock price are likely to be met this week, triggering the early release for 25% of the eligible securities owned by certain Figma employees and service providers. Per the company:

“Figma anticipates that the Early Release Condition will be satisfied following the close of market on September 4, 2025. Accordingly, pursuant to the Lock-Up Agreements, Figma expects that the Lock-Up Period will terminate with respect to the Early Release Shares, and such shares will become eligible for immediate sale in the public market, at the open of trading on September 5, 2025.”

Figma also said that, on August 30, 2025, it entered into an extended lockup agreement with holders of approximately 54.1% of the company’s outstanding shares of Class A Common Stock, with staggered releases of their stock each quarter through June 2026.

Meanwhile, Figma’s peers, like CRM software company Salesforce and design competitor Adobe, have seen shares slide over the potential threat AI poses to their businesses.

Wall Street analysts remain lukewarm about the stock, too: three of the 10 analysts tracked by Bloomberg with coverage on Figma rated the stock as a “buy,” with the remaining seven recommending it as a “hold.”