Key Takeaways
- Shares of Figma (FIG) surged approximately 14% Thursday, reaching around $30.89, driven by a widespread rally in SaaS equities.
- Salesforce’s exceptional Q2 performance, which exceeded expectations by 80%, ignited the rally and calmed concerns about AI disrupting legacy cloud platforms.
- Figma’s Q2 performance also provided momentum: the company posted $370.1 million in revenue, representing 48% year-over-year expansion and marking its third consecutive quarter of growth acceleration.
- The company increased its fiscal 2026 revenue forecast by $40 million, now projecting between $1.463 billion and $1.467 billion.
- More than half of paying customers with ARR exceeding $10,000 are actively utilizing Figma’s new AI agent on a weekly basis.
Shares of Figma (NYSE: FIG) experienced significant upward movement Thursday, gaining roughly 14% to reach approximately $30.89, as enterprise software equities benefited from a broad rally following Salesforce’s impressive quarterly performance.
Salesforce delivered exceptional Q2 results with net sales reaching $11.35 billion and adjusted earnings per share hitting $5.90, surpassing analyst projections by 80% while simultaneously boosting its full-year forecast. This performance delivered a clear message to investors: artificial intelligence isn’t destroying the SaaS business model—it might actually be enhancing it.
This sentiment reversal created positive momentum throughout the sector, with Figma benefiting substantially as capital flowed back into software-focused investments.
Figma’s Quarterly Performance Supports the Rally
While Figma’s Q2 financial results were released on August 5, market participants continued processing the implications throughout Thursday’s trading session.
The company generated $370.1 million in quarterly revenue, representing a 48% increase compared to the prior-year period. This performance marked the third consecutive quarter where top-line growth accelerated—a rare achievement in today’s market environment.
The company posted earnings per share of $0.08, significantly outperforming analyst expectations of a $0.22 loss. This $0.30 positive variance represents a substantial surprise that captured investor attention.
Company leadership also increased their full-year 2026 revenue projection by $40 million, establishing a new guidance range between $1.463 billion and $1.467 billion.
Artificial Intelligence Integration Gaining Traction
During the Q2 earnings conference call, CEO Dylan Field emphasized that Figma views artificial intelligence as a catalyst for expansion rather than a competitive threat.
“Q2 was Figma’s third straight quarter of accelerated revenue growth, and as code gets commoditized and value moves up the stack, the opportunity ahead of us has only grown,” Field said.
As of the end of July, over 50% of paying customers contributing more than $10,000 in annual recurring revenue were engaging with Figma’s AI agent at least once per week.
This level of engagement within the existing customer ecosystem represents precisely the type of validation investors sought following extended concerns about AI potentially disrupting design platforms and software development tools.
Trading volume Thursday registered approximately 71% below Figma’s typical daily activity, indicating the price movement stemmed primarily from shifting market sentiment rather than substantial new position-building.
Wall Street opinion on FIG stock shows mixed views. The stock carries five Buy ratings, eight Hold ratings, and one Sell recommendation. The consensus price target stands at $32.56.
Bank of America raised its price objective to $33.00 with a Buy recommendation on August 19. Wells Fargo reduced its target from $42.00 to $36.00 in June while maintaining an Overweight stance.
FIG shares were trading at $30.89 at the time of publication Thursday.
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