Core Viewpoint - Figma's stock price plummeted over 14% after its first earnings report post-IPO, which fell short of Wall Street expectations, leading to concerns about its high valuation compared to peers in the software industry [1][3]. Financial Performance - Figma reported Q2 revenue of approximately $249.6 million, a 41% year-over-year increase, but slightly below the average analyst expectation of $250 million [3][4]. - The company achieved a net profit of about $846,000 under GAAP, contrasting with a loss of approximately $827.9 million in the same quarter last year, resulting in an earnings per share close to breakeven, but below the expected $0.09 [3][4]. - The net revenue retention rate was reported at 129%, down from 132% in Q1, indicating a decline in customer expansion despite strong performance from existing clients [3][4]. Customer Base and Growth Projections - Figma has 1,119 customers with annualized revenue exceeding $100,000, up from 1,031 in the previous quarter [4]. - For Q3, Figma expects revenue between $263 million and $265 million, representing a 33% year-over-year growth, slightly exceeding analyst expectations [4]. - The management anticipates full-year adjusted operating profit between $88 million and $98 million, with total revenue projected between $1.021 billion and $1.025 billion, indicating a growth expectation of about 37% [5]. Market Position and Product Offering - Figma is a cloud-based collaborative design and product development platform, with core products including Figma Design, FigJam, and Dev Mode [8]. - The company emphasizes its end-to-end workflow capabilities, strong cross-role collaboration, and unique design and development ecosystem as key competitive advantages [9]. - Recent product launches include Figma Make and Figma Sites, which integrate AI capabilities into design processes [10]. Analyst Sentiment and Valuation Concerns - Analysts generally hold a cautious stance on Figma due to its high valuation, with most ratings being neutral or market perform rather than buy [14][15]. - The market perceives Figma's valuation as excessive, with expected revenue multiples significantly higher than comparable software companies [16]. - Despite concerns about competition from AI-driven applications, analysts believe AI could serve as a growth catalyst for Figma [15].
盘后暴跌超14%！年内最大科技IPO公司Figma上市后首季一半，展望平淡无奇，难撑高估值