Figma Swings to 2Q Loss on Higher Costs

Dow Jones08-06 04:53

Figma swung to a second-quarter loss as costs rose on increased marketing spend, offsetting double-digit sales growth.

The stock slid 17%, to $23.48, in late trading. At market close, shares were down 25% year to date.

Figma posted a second-quarter loss of $112.2 million, or 21 cents a share, compared with a profit of $28.2 million, or breakeven on a per share basis, a year earlier.

The loss was due to higher costs, including increased sales and marketing spend related to Figma's annual user conference Config, the company said. Research and development costs also rose, as did general and administrative expenses.

Adjusted earnings per share were 8 cents, above estimates of 4 cents a share according to analysts polled by FactSet.

Revenue climbed 48% to $370.1 million, topping analyst estimates of $351.6 million.

For the full year, the company now expects revenue of $1.46 billion and $1.47 billion, up from its prior outlook of $1.42 billion to $1.43 billion.

For the third quarter, Figma forecasts revenue will grow about 36% year over year to a range of $373 million to $375 million. Analysts were looking for $364.9 million.

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