Figma Surges, Moderna Falls, Coinbase Drops on Earnings Miss

On this episode of Stock Movers:
- Figma (FIG) shares surge. The design software maker and some of its shareholders raised $1.2 billion in the firm’s blockbuster initial public offering. The blowout IPO gives co-founder Dylan Field a fortune of $6.1 billion, putting him on the verge of being ranked among the world’s 500 richest people, according to the Bloomberg Billionaires Index
- Moderna (MRNA) shares fall as its' second-quarter loss was narrower than Wall Street expected as the company cuts costs to offset waning sales of its Covid shot. Moderna also lowered the high end of its revenue forecast for this year.
- Coinbase (COIN) shares fell after the largest US crypto exchange reported lower-than-estimated second-quarter revenue amid a drop in digital-asset market volatility. According to John Todaro, senior analyst at Needham & Company, LLC, Coinbase "missed on the Street consensus" due to a mix shift in volume with retail trading being "much weaker" than expected.

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