Figma's Reality check post-IPO
In this edition: Figma stock falls 20%, Screener's AI features and Akshay's search for a note taking app | Mixology 72
Hola!
We all love Figma, and recently it went public. The stock had a stellar listing, up 250%, valuing it at $68bn. That’s way way more than the $20bn Adobe was offering.
But that was a month ago, and since then it has been an equally stellar drop.
We take a look at the numbers, which are rather interesting.
🌏 Product & Design News:
Figma’s IPO Glow Fades, But Adoption Is Glowing
Figma’s first earnings as a public company are in. And the numbers? Impressive at first glance.
Revenue jumped 41% YoY to $249.6M, with net income at $28.2M, a sharp turnaround from last year’s $827.9M loss.
But here’s the twist: the stock tanked nearly 20%. Why? Figma’s Q3 Guidance spooked investors. Figma expects growth to slow to ~33% next quarter, down from 41% this one.
So Wall Street sighed. But product adoption tells another story.
Customers Aren’t Just Using Figma, They’re Expanding
80%+ of customers now use two or more products
~66% are using three or more
Retention is strong too: 129% Net Dollar Retention, showing existing customers keep spending more
This isn’t just a design tool anymore. It’s fast becoming a full workflow platform - design, prototype, handoff, even web and marketing.
Enterprise Love
11,906 customers pay >$10K ARR.
1,119 customers pay >$100K ARR.
Both counts are rising. And once big accounts adopt multiple products, they rarely churn.
The Real Story
The market is jittery. But under the hood, Figma is sticky, expanding, and global.
The stock chart may dip. The adoption chart is only pointing up.
You can checkout the detailed financial report here 👇
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🖥️ From Founders’ Desk:
Akshay’s search for a Note taking app
On Mac and iOS, Apple Notes is perfect. It does everything you want and nothing more
Perfect for scribbling ideas, thoughts and…. notes.
But over on the Android side, things aren’t that great. Atleast for me. My search for a half decent replacement, where I could pour my thoughts, has gone on for 3+ years.
A recent option I’m trying out: Obsidian. Have heard great reviews, but when I first tried it, it just felt unnecessarily complicated.
Mind you, my expectations aren’t that high, but they are definitely higher than Google Keep (which used to be amazing, but now is just meh)
Anyway, I’ve set it up and hopefully this will lead me to write more, and more often.
What’s your favorite? Apart from Apple Notes, ofcourse.
End notes:
So have you bought Figma stock or are planning to? And what are your thoughts about note taking apps? We’d love to hear! Head over to our Whatsapp Discussion group or Forum
And that’s all for Mixology this week. See you soon. Bye!
