Figma, Apple, Amazon, Reddit and IAG

Figma (FIG) shares were up in pre-market trading after soaring by 250% in its New York Stock Exchange debut on Thursday.

The design software company sold shares at $33 in its initial public offering but are currently at $143 in pre-market trading.

Figma’s first trade at $85 valued the company at about $50bn (£37.9bn). The stock was halted after it soared past $112, before closing at $115.50 for a 250% gain. The company ended the day with a market cap of almost $68bn.

Figma’s successful opening marks one of the biggest initial public offerings of the year so far, as analysts begin to see the market for initial public offerings warming.

The Figma IPO is set to provide a windfall to early investors in the company, which include large Silicon Valley venture capital firms Index Ventures, Iconiq Capital, Sequoia Capital and Greenoaks Capital Partners.

Competition regulators in the US and UK rejected Adobe’s $20m bid to acquire the company in 2023, but the company’s new market value now well exceeds the valuation from Adobe (ADBE).

Apple (AAPL) shares were muted ahead of the US opening bell, despite a surge in iPhone sales driving record revenue at the Cupertino-based company.

Shares rose just 2% in pre-market trading, staying below their highs of this week, despite the company posting much better than expected 10% year-on-year growth in revenue for the quarter to the end of June and an upbeat forecast.

Earnings of $1.57 per share topped the Bloomberg consensus estimate of $1.43. Revenue of $94.04bn was better than the expected $89.30bn. Mac and iPhone revenue were both better than analysts had anticipated, while wearables and iPad numbers fell short. Greater China revenue was $15.37bn versus an estimate of $15.19bn.

Apple (AAPL) expects tariffs to cost the company $1.1bn this quarter, CEO Tim Cook told investors on Thursday's earnings call. That's after the iPhone maker took a tariff-related hit to the tune of $800m during the fiscal third quarter which ran through June.

Services revenue, which includes the App Store, iCloud and Apple Pay, was $27.4bn, up about 13% year on year, continuing its double-digit growth.

Cook said Apple (AAPL) was growing its AI investments. “We did during the June quarter, we will again in the September quarter,” he told analysts, without giving specific numbers.

Amazon (AMZN) shares fell 7% ahead of the US opening bell after the company delivered an upbeat outlook for third-quarter sales, but missed expectations for its cloud computing unit, after its competitors easily beat Wall Street forecasts.

The tech company beat expectations with its revenue up 13.3% year over year to $167.7bn. Market experts had estimated the company would report around $162bn in revenue and 9% growth. The company’s Amazon Web Services cloud computing division reported its sales reached $30.9bn in an increase of 17.5% year over year.

However, Amazon (AMZN) projected that operating income in the third quarter would be $15.5bn-$20.5bn, which fell short of analyst expectations of $19.4bn.

Chief executive Andy Jassy warned of further uncertainty around Trump’s tariff policies and said he remained “unsure” who would absorb potentially higher costs over time.

He also gave a clear indication that the e-commerce giant will continue its push into artificial intelligence. “AI is going to be the biggest transformation of our lifetime,” he said during a call with analysts on Thursday. “Every single area of the way we work is likely going to be impacted in some meaningful way by AI.”

Jefferies analysts said the growth was “disappointing” compared to stronger performance from rivals Microsoft (MSFT) and Google (GOOG). Net income for the second quarter was stronger than expected, rising 35% to $18.2bn from the year before.

Reddit (RDDT) shares were 15% higher in pre-market trading, after closing 8% higher as the company reported second-quarter earnings on Thursday that beat on sales and guidance.

Reddit (RDDT) has posted a 78% year-over-year revenue growth for the second quarter, the biggest earnings surprise since becoming a public company. Net income for the quarter hit $89,000, a major improvement from a net loss of $10,000 in the same period last year, which was largely due to IPO-related expenses.

Looking ahead, the company expects third-quarter revenue to fall between $535,000 and $545,000, surpassing Wall Street’s forecast of $473,000. Reddit (RDDT) also anticipates adjusted earnings of $185,000 to $195,000 for Q3, well above the StreetAccount estimate of $160,000.

Reddit’s (RDDT) user growth was strong, with global daily active users rising 21% year-over-year to 110.4 million, exceeding the analysts’ projection of 109 million. The company’s global average revenue per user (ARPU) also outperformed expectations, coming in at $4.53 compared to the anticipated $3.90.

IAG (IAG), the parent company of British Airways, reported better-than-expected second-quarter earnings on Friday, driven by robust demand for its transatlantic routes, despite concerns over the impact of US president Donald Trump’s tariff policies. Shares were up by almost 2% in London.

IAG (IAG) posted an operating profit of €1.68bn (£1.45bn) for the quarter, exceeding analysts' consensus estimate of €1.4bn, as per an LSEG poll. This marked a 35% increase from the €1.2bn profit recorded in the same quarter last year.

“We continue to benefit from a structural shift in consumer spending towards travel,” said CEO Luis Gallego in a statement. “Our focus remains on our market-leading brands and core geographies, where we continue to see strong performance.”

The airline group reaffirmed its full-year financial outlook, highlighting strong demand across its key markets, including North America, Latin America and Europe.

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