Design software company Figma tumbled 14% in extended trading on Wednesday after the design software company reported its first results since going public in July.
Revenue was US$249.64 million, up 41% year-over-year and above LSEG estimates of $248.8 million. Earnings per share broke even, up from a loss of $4.39 one year ago.
“We delivered record revenue in Q2 as we continued to innovate with the launch of four new products. Looking ahead, we’re excited to keep building for our customers and help define the next era of digital products and experiences,” said Figma CEO Dylan Field.
“We delivered best-in-class revenue growth and positive operating margin as we kept investing in AI and expanded our platform,” said Figma CFO Prover Melwani. “Our 129% Net Dollar Retention Rate also shows that our customers are continuing to deepen their investment in Figma's platform.”
Operating income was US$11.47 million, up from $4.88 million year-over-year. Non-GAAP net income was $19.78 million, rising from $14.28 million.
The company had 11,906 paid customers with more than US$10,000 in annual recurring revenue at the end of June, increasing by 31%. Its net dollar retention rate of 129% for these customers was down from 132% in the year’s first quarter.
It had 1,119 paid customers with over $100,000 in annual recurring revenue during the quarter, up 42%. More than 80% of all Figma customers used at least two of the company’s products.
Figma’s third quarter guidance includes revenue of US$263-265 million. Its full-year guidance expects revenue of $1.021-1.025 billion, and operating income of $88-98 million.
The company's shares soared by 250% in its first day of trading after its initial public offering in July, rising from US$33.00 to $115.50. It shed much of this value over the next week, however.
Figma’s (NYSE: FIG) share price fell to US$58.54 in extended trading, following a close at $68.13. Its market capitalisation is $33.21 billion.
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