Salesforce (NYSE:CRM) was down 5% by early afternoon trading following guidance that failed to live up to the investor hype around its artificial intelligence applications.
Other enterprise software firms were also declining following the release of quarterly results. Figma (NYSE:FIG), a cloud-based design platform that competes with companies like Adobe (NASDAQ:ADBE) and Canva, had plummeted 18% by early afternoon trading.
This occurred despite Figma’s second quarter revenue increasing 41% year over year and its third quarter outlook demonstrating 33% growth. Its full-year outlook calls for revenue increasing by 37% year over year. However, these forecasts were merely in line with consensus estimates.
Figma launched its initial public offering in late July, with shares surging to more than $120 in one day compared to its original pricing of $33 per share. Share prices had since moderated in the $60s prior to today’s tumble.
Adobe shares had slid 2%.
Asana (NYSE:ASAN), which offers a work management platform, had ticked up 4% following its second quarter financial results and outlook.
ServiceNow (NOW) was down 2%, Atlassian (TEAM) had fallen 1.7% and monday.com (MNDY) had edged down 2.2%. SAP (SAP) had inched up 0.3%.
Couchbase (NASDAQ:BASE), which issued second quarter results on Wednesday as well, was relatively static. Palantir (PLTR) was also flat.