[Game] Figma Earnings Tonight! Will it Fall +20% This Week?
$Figma(FIG)$ will release earnings after the market today. The stock has already doubled from its IPO price of $33.
$Circle Internet Corp.(CRCL)$ and $CoreWeave, Inc.(CRWV)$ both released earnings on August 12 and have been sliding ever since. Figma is the last newly listed IPO stock this year to report. Will it keep falling after earnings?
Earnings performance (2025/8/12 → 2025/9/2):
$Circle Internet Corp.(CRCL)$ dropped from 163.21 to 120.14, down 26.39% (up 1.27% on earnings day, but down 6% that week).
$CoreWeave, Inc.(CRWV)$ plunged from 148.75 to 93.34, down 37.25% (down 20% on earnings day, down 22% that week).
Bearish:
Figma’s valuation looks stretched — its forward P/E is 370. BofA Securities analyst Brad Sills said on Aug. 25 that Figma trades at “a significant premium to the large-cap software group.”
Bullish:
But last week, JPMorgan initiated coverage with a $65 price target. Ahead of earnings, the stock already fell to $65 — is this the bottom?
Adobe actually agreed to acquire Figma in 2022 for $20B, but the deal collapsed in Dec. 2023 due to antitrust issues. As of Sept. 2, Figma’s market cap is $32B.
How do three hot IPO stocks perform this year?
All three are far below their post-IPO highs — yet still trading well above IPO prices:
Circle: IPO at $31, now around $120, but had surged to nearly $300 within two weeks of listing.
Figma: IPO at $33, peaked just below $143 on day two, now back to $65 before earnings.
CoreWeave plunged another 9% on Tuesday after executive Kristen McVeety sold 310,000 shares worth $29M.
Questions for you:
Will Figma rise or fall more than 10% this week?
Since it already fell to JPMorgan’s $65 target, is this a buy-the-dip chance?
With a forward P/E of 370, could Figma crash even harder than CoreWeave after earnings?
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Yes, its forward P/E of 370 looks insane, but growth software names often hold up as long as revenue momentum is solid. I don’t expect fireworks either way — no massive rally, but not a CoreWeave-style crash either. Investors are probably going to wait and see whether management can guide convincingly before pushing the stock further.
So my bet is: Figma won’t swing more than 10% up or down this week. It will likely hover near $65, consolidating until the market digests the results and outlook. In other words, I’m guessing Figma will end the week basically flat.
@Tiger_comments @TigerStars
循環：IPO價格爲31美元，現在約爲120美元，但在上市兩週內飆升至近300美元。
Figma：IPO價格爲33美元，第二天達到略低於143美元的峯值，現在回到財報前的65美元。
CoreWeave在高管克里斯汀·麥克維蒂(Kristen McVeety)出售31萬股價值2900萬美元的股票後，週二股價又暴跌9%。
$Circle Internet Corp.(CRCL)$從163.21下降到120.14，下降26.39%（財報日上漲1.27%，但當週下跌6%）。
$CoreWeave公司(CRWV)$從148.75暴跌至93.34，下跌37.25%（財報日下跌20%，當週下跌22%）。
I won’t buy it at $65 as I feel that its IPO price is what it is worth and assuming that fundamentals remain the same, I would only consider buying it when the price is below its IPO price. A forward P/E of 370 is insane, giving it a lot of room to crash!
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