Figma shares plummeted nearly 20% on Thursday, falling to the lowest price since the design software vendor’s IPO in July after the company reported earnings for the first time as a public company.

Results for the second quarter were largely inline with expectations, as Figma had issued preliminary results a little over a month ago. Revenue increased 41% from a year earlier to $249.6 million, slightly topping analyst estimates of $248.8 million, according to LSEG.

Analysts at Piper Sandler described the report as “largely a non-event,” but noted that the “shares have witnessed hyper-volatility” following their 250% surge in the trading debut.

Since closing at $115.50 on its first day, the stock has lost more than half its value, lowering the company’s market cap to about $27 billion.

For the third quarter, Figma forecasted revenue of between $263 million and $265 million, which would represent about 33% growth at the middle of the range. The LSEG consensus was $256.8 million.

Figma’s IPO was significant for Silicon Valley and the tech sector broadly as it represented one of the highest-profile offerings in years and signaled Wall Street’s growing appetite for growth. The market had been in a multiyear lull that began in early 2022, when inflation was soaring and interest rates were on the rise.

Figma reported a 129% net retention rate, a reflection of expansion with existing customers. The figure was down from 132% in the first quarter.

— CNBC’s Jordan Novet contributed to this report.

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