US Stock Market Move | Figma Inc (FIG.US) shares plunged over 17% after earnings; CEO voluntarily forfeits $46 million in stock bonuses to restore investor confidence.

On Thursday, Figma Inc (FIG.US) saw its stock price plummet after its earnings report, falling over 17% to $23.14 as of the time of writing. The company's revenue for the second quarter was $370.1 million, a 48% year-on-year increase, exceeding the guidance range previously released by the company. The GAAP net loss per share was $0.21, while the non-GAAP net profit per share was $0.08. Since going public last year, Figma Inc's stock price has consistently declined. The company's CEO Dylan Field voluntarily forfeited approximately $46 million in company stock awards in an effort to restore investor confidence amidst concerns over the disruptive impact of artificial intelligence. Figma stated in documents submitted on Wednesday that this forfeiture was voluntary and that no alternative awards would be granted. Field was originally set to receive about 2.4 million shares of Class B stock on July 1. Class B stock gives Field greater control over the company and can be converted into Class A stock, which trades on the market, at any time. On July 1, the closing price of Class A stock was $19.49.