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Shares of Figma tumbled Thursday, falling 17.64%, or $4.97, to $23.18, after the design software company’s second-quarter earnings report showed accelerating revenue growth and a raised full-year outlook, but a more cautious forecast for the current quarter proved enough to send investors heading for the exits.

The decline extends a brutal stretch for Figma’s stock since its blockbuster initial public offering last year, with shares now trading well below their post-IPO highs as investors continue to weigh the company’s strong underlying growth against persistent concerns about competition from AI-native design tools and questions about the sustainability of its premium valuation.

Strong Quarter, Muted Reaction

Figma reported second-quarter revenue of $370.08 million, up 48% from the same period a year earlier and comfortably ahead of the $351.56 million analysts had expected. Adjusted earnings came in at 8 cents per share, doubling the 4-cent consensus estimate. The quarter marked Figma’s third consecutive period of accelerating revenue growth, and the company generated $60.9 million in net cash from operations and $53.2 million in free cash flow during the period.

Figma Chief Executive Dylan Field framed the results as validation of the company’s broader strategic direction, saying in a statement that the second quarter marked Figma’s third straight quarter of accelerated revenue growth, and that as code gets commoditized and value moves up the stack, the opportunity ahead of the company has only grown.

Guidance Fails to Match the Enthusiasm

Despite the strong headline numbers, Figma’s forecast for the third quarter fell short of what investors needed to see to sustain the stock’s momentum. The company’s guidance implies roughly 36% year-over-year revenue growth at the midpoint for the current quarter, a meaningful deceleration from the 48% growth rate posted in the second quarter. That sequential slowdown in projected growth, even alongside an increase to full-year guidance, was enough to trigger a sharp selloff in after-hours and premarket trading.

Following the results, Figma raised its full-year 2026 revenue guidance by $40 million to approximately $1.47 billion, reflecting continued confidence in the company’s underlying demand trends. However, analysts noted that Figma’s lofty valuation, trading at multiples well above the broader software sector even after months of declines, left little room for anything short of an unambiguous beat-and-raise across every metric, and the company’s more conservative sequential outlook was interpreted by some investors as an early signal that its recent acceleration could be leveling off.

Margin Pressure Adds to the Concerns

Beyond the guidance itself, analysts flagged softer GAAP profit margins and a substantial stock-based compensation burden as additional factors weighing on sentiment. Figma’s operating cash flow was reported as nearly flat year over year, with its margin contracting even as overall revenue continued to expand, a dynamic that some analysts said raises important questions about the company’s ability to convert its rapid top-line growth into durable profitability over time.

Analysts covering the stock also pressed company executives during the earnings call on competitive differentiation and the trajectory of gross margins going forward, questions that drew confident responses from Field and Chief Financial Officer Praveer Melwani, who pointed to Figma’s professional-grade design canvas and its expanding suite of AI-powered creative tools as evidence the company remains well positioned as the broader design software market consolidates.

An Insider Lockup Adds to the Pressure

Adding further uncertainty to the stock’s near-term trajectory is a significant insider share lockup expiration scheduled for August 2026, which is expected to release more than $6 billion worth of low-cost-basis shares onto the market. That looming supply overhang has been cited by analysts as a persistent risk factor for the stock independent of the company’s underlying operating performance, since a wave of newly tradable shares from early investors and employees can weigh on a stock’s price even when the company’s fundamentals remain strong.

A Volatile Year Already

Thursday’s decline extends what has already been an extraordinarily turbulent year for Figma’s stock. Shares fell 44% during the first half of 2026 even as the company’s core business continued growing rapidly, driven largely by investor fears surrounding AI-native design competitors, including Anthropic’s Claude Design, which have raised questions about whether traditional collaborative design software could eventually be displaced by generative AI tools capable of producing design work directly from prompts. Figma’s stock fell more than 20% in June alone amid that competitive anxiety, even after a strong first-quarter report in May that initially sent shares higher.

At various points earlier this year, Figma shares traded as low as $16.60, down roughly 80% from their 52-week high of $142.92, before staging a partial recovery in recent months that has now been interrupted by Thursday’s post-earnings decline.

AI Monetization Remains an Early-Stage Story

Much of the market’s ongoing skepticism toward Figma centers on how quickly the company can turn growing customer adoption of its AI-powered tools into durable, monetized revenue. Company executives have said usage of Figma’s AI credit system is broad among its larger customers, but the second quarter represented only the first full quarter in which that monetization effort was fully underway, leaving investors with limited data to judge whether the trend can be sustained at scale.

Wall Street sentiment toward the stock has remained relatively mixed even before Thursday’s decline, with analyst ratings split between buy and hold recommendations rather than showing broad conviction in either direction, reflecting the market’s ongoing uncertainty about how the competitive landscape for AI-assisted design tools will ultimately evolve.

With Figma’s stock now trading well below its earlier highs despite continued strong revenue growth, investors are likely to focus closely on the pace of AI-driven monetization in coming quarters, along with any further developments tied to the looming insider lockup expiration, as key factors that will determine whether the stock can stabilize. The company’s ability to demonstrate that its more conservative third-quarter guidance reflects prudent caution rather than a genuine slowdown in demand is expected to remain the central question shaping investor sentiment toward the stock in the weeks ahead.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
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Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
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• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
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is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

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Operator

Hello, and welcome to Ouster’s Second Quarter 2026 Earnings Conference Call. [Operator Instructions] The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call.

I’d now like to turn the conference over to Chen Geng, Senior Vice President and Strategic Finance, Treasurer. Please go ahead.

Chen Geng
Senior VP of Strategic Finance & Treasurer

Thank you, operator, and good afternoon, everyone. Thank you for joining our second quarter 2026 earnings call. Today on the call, we have Chief Executive Officer, Angus Pacala; and Chief Financial Officer, Ken Gianella. As a reminder, after the market closed today, Ouster issued its financial news release, which was also furnished on a Form 8-K and is posted in the Investor Relations section of the Ouster website. Today’s conference call will be available for webcast replay in the Investor Relations section of our website.

I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position, product advantages and growth opportunities, anticipated industry trends, our business and strategic priorities, our operating expense targets, the impact of our recent acquisitions, the development and expansion of our products, our products’ capabilities and performance, and our revenue guidance for

The company had posted a profit of Rs 10,986 crore in the corresponding quarter last year. Net premium income grew 7% YoY to Rs 1.27 lakh crore during the quarter.

According to IRDAI data, LIC retained its leadership in the domestic life insurance market with an overall 60.1% share of first-year premium income. During the quarter, it held a 38.89% market share in the individual business and 70.9% in the group business.

Premium growth was driven by both segments. Individual business premium increased 6% to Rs 75,416 crore from Rs 71,474 crore a year ago, while group business premium rose 9% to Rs 51,834 crore from Rs 47,726 crore.

LIC sold 31.02 lakh individual policies during the June quarter, up 2% from 30.40 lakh policies in the year-ago period. On an annualised premium equivalent (APE) basis, total premium stood at Rs 13,692 crore in Q1FY27, with the individual business contributing Rs 7,532 crore (55%) and the group business accounting for Rs 6,160 crore (45%).

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The insurer also reported a sharp improvement in profitability. Value of new business (VNB) jumped 61% YoY to Rs 3,136 crore from Rs 1,944 crore, while the VNB margin expanded by 750 basis points to 22.9% from 15.4% a year earlier.

LIC shares: Buy, sell or hold?

Goldman Sachs maintained its ‘Neutral’ rating on LIC with a target price of Rs 475, implying an upside of around 22.5% from the current market price. While the brokerage noted that annualised premium equivalent (APE) growth fell short of its expectations, it said stronger-than-expected value of new business (VNB) growth and a sharp expansion in VNB margins, supported by a favourable product mix, prompted it to raise its FY27-FY29 EPS estimates.

Emkay Global reiterated its ‘Buy’ rating on LIC and retained a target price of Rs 550, implying an upside of around 42%. The brokerage highlighted better-than-expected margin performance, with the VNB margin expanding to 22.9% and VNB rising 61% YoY. It also raised its FY27-FY29 VNB margin estimates and earnings forecasts, citing an improving product mix, higher profitability and a stronger capital position.

Read more: LIC OFS opens for retail investors: Should you apply in insurance behemoth’s offer?

Motilal Oswal maintained its ‘Buy’ rating on LIC with a target price of Rs 480, implying an upside of around 24% from the current market price. The brokerage pointed to the 61% YoY growth in VNB and the expansion in the VNB margin to 22.9%, driven by a richer non-par product mix. It also raised its FY27-FY28 VNB margin estimates, supported by improving profitability, robust growth in the protection business and a stronger solvency position.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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