Movement Alert｜Figma Rises 5.63% in Regular Trading, AI Application Software Sector Rallies Ahead of Earnings

Market Focus

Aug 03

On August 3, Figma rose 5.63% in regular trading, trading at $25.57/share, with turnover of $170 million. The stock advanced alongside a broad rally in AI application software names, with ServiceNow up over 7% and Snowflake also gaining more than 6%.

On the news front, Figma is scheduled to report quarterly earnings after the market close on August 5. The Street consensus expects revenue of $352 million, representing 41.31% year-over-year growth, with EBIT projected to grow 41.62% year-over-year. Institutional bullish sentiment has intensified ahead of the report, with Citi initiating coverage at a Buy rating and a $36 price target, citing enterprise AI budgets increasingly concentrating on platform-type software companies. Bank of America also maintains a Buy rating with a $30 target price. Citi recently raised its forecast for total AI industry revenue from $2.8 trillion to $3.3 trillion for the period through 2030, while lifting capex estimates from $8.0 trillion to $8.9 trillion over the same horizon.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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