Figma shares plunged 14% in extended trading on Wednesday after the design software company reported results for the first time since its initial public offering in July.

Figma released its first earnings report since its initial public offering, reporting a 41% year-over-year revenue increase to $250 million, slightly above analyst expectations. The company provided guidance for the next quarter, projecting revenues between $263 million and $265 million, which is also above consensus estimates, and set a full-year revenue outlook of $1.02 billion to $1.03 billion.

Despite these strong figures, Figma indicated that its revenue growth rate is expected to slow in the coming quarter, attributing this to challenging comparisons with last year's product launch. The announcement led to a nearly 10% drop in Figma's share price in after-hours trading. The company remains in a phase of heavy reinvestment, and investors are closely watching how it manages the transition from hyper-growth to more sustainable expansion.

Figma shares slide on revenue growth rate outlook

Figma here putting out its first earnings report since going public. Revenue jumping 41% from a year ago, coming in just ahead of estimates at $250 million. The real highlight is guidance Q3 revenues projected at 263 million to 265 million versus the streets 257 million. The full year guide is at 1.02 billion to 1.03 billion, also above consensus. But important to note that its Q3 revenue growth rate is projected to slow down. CEO Dylan Field telling our Jordan Novett that's because it's up against tough comps from last year's product launch. EPS printed at zero with no prior estimates. There's nothing to benchmark against those shares. Down almost 10% in extended trade with that call starting at about five o'clock. All right, John. Mackenzie, thank you. Given how much that stock has run up from the IPO price, maybe the whisper number was a bit higher. Keith, give me your take on the overall market post that judges antitrust remedy announcement in overtime yesterday that had Google so much higher, that had Apple so much higher. We've been talking about a rotation away from the large cap technology stocks into other stuff. Is that over? I don't think it's necessarily over, but I don't think it has to be all or none either way. I mean, we still think the secular, the dominant theme of this bull market is AI. And that's where the earnings momentum remains the strongest. If you listen to Nvidia's call last week, they're talking about CapEx moving from $600 billion annually to $3 trillion by the end of the decade. So I think I want to stay focused on the prize there. But on the margin, I also see a better environment for small caps. Not only have they underperformed a lot, we're still on the seed. Those earnings start to move forward. At the same time, investors are very underweight, the group. So again, longer term, still overweight tech, but we have on the margin boosted our small cap position because we think the risk reward has actually improved led by those better earnings that we're seeing now. Yeah, Barb, I want to get your thoughts, A, on Figma, especially after such a strong IPO, and B, on the fact that in general, it seems like the IPO pipeline is starting to thaw out a little more meaningfully here. I mean, we have roadshows being launched by Klarna, by BlackRock Coffee Bar, by Gemini, and a number of others here into the fall season too. Yeah, well, I think that when these IPOs came out, and this is, and Figma was not the first one, but it benefited from some of the other ones, Center Internet, other ones that have really popped up. I mean, this stock was up 250% on the same day and actually got as high as more than twice, I think 140 something, and it's now back to in the $70 range. So I think this is sort of part of that, everything was going well in the market, things look good, the Goldilocks, and you had a lot of meme stock interest. So I think the IPO market is alive and well and open, you're going to have these extreme reactions. Now, Figma coming into this, they really have to prove, and we'll see, it's going to be very important what they say in the conference call, because they've been in the hyper growth area and they need to manage lower growth, still high, but the question is, can they maintain 40% revenue growth? Now, they came in at 41%, but it sounded like they're lowering it for the third quarter, that is not good. And so the question is where they see the competition, they're already in 95% of S&P 500 companies, is it cross-selling, upselling, where they're going to gain shared, what are their other products they're thinking about, what's going to happen with margins? They're in a heavy reinvestment stage and margins, it may be like Amazon on their birthdays, it may not be so important if they really have the opportunities to build. But we have to see what they say on the conference call, because I think the stock is very expensive, particularly when you compare it to something like an Adobe. All right, now down about 11%. Hold on, we got more earnings, American Eagle Outfitters is soaring like, well, an eagle here on results. Gabrielle Fon Rouge has the results, Gabby. Yeah, American Eagle reporting revenues of, hold on, we still have it coming in now, 1.28 billion on estimates of 1.24 billion, and that's a big EPS beat, 45 cents on 21 cents. So this has been an interesting quarter for American Eagle. It had a huge marketing campaign with Sidney Sweeney. Obviously that had some blowback, but what the company said is that it's been their best to date. Something else that we're looking at is the comps and the guidance that's coming in. Earlier this year, American Eagle withdrew its full year guidance and it reissued that guidance now. One of the big things that we're going to be looking at is operating income. It had previously been anticipating operating income to be a lot higher, but because of tariffs, it brought that down. All right, Gabrielle Fon Rouge, thanks for scrambling that together on short notice. Appreciate it. Let's see, are we ready for C3 AI? All right, let's get you C3 AI's results. I want to remind you that there was a pre-announcement about three weeks ago with disappointing revenue numbers. The stock was down on that. Here we have C3 AI reporting Q1 revenues of 70 million versus the 95 million expected and adjusted loss of 37 cents versus a 20 cent loss expected. And then on the guide, which is important here because of that pre-announcement, guiding the Q2 revenue of 72 to 80 million versus the prior expectation of 101 million dollars. The full year guidance has been withdrawn now. That full year revised full year guidance is coming next quarter with the Q3 guide. So they'll guide to Q3 as well as Q4. And then I suppose we can expect that eventually when we get to Q4, they will give the next fiscal year guidance as well. And we're going to talk more about this coming up. Don't miss a first on CNBC interview with Tom Siebel, the co-founder and now executive chairman of C3 AI, because there's a new CEO who's going to join us as well. The new CEO of C3 AI. All right. OK.

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