Good morning. Tech earnings-palooza continues in today’s edition of the newsletter.
Amazon, Apple, Cloudflare, Coinbase, Reddit, Roblox, Roku, Samsung, Tether, and others reported financial results yesterday. Catch the highlights (and lowlights) below.
And no, we’re not out of the woods yet. Palantir is set for next Monday. Tuesday brings AMD, GlobalFoundries, Match Group, and Snap. Wednesday calls for Airbnb, DoorDash, Lyft, Shopify, Uber, and Unity. Thursday is the day for Block, Instacart, Pinterest, SMIC, Sony, and Twilio.
Thoughts and prayers for all the tech CFOs out there—plus the CISOs packing for Black Hat and Def Con. (Don’t forget the tin foil.) Today’s tech news below. —Andrew Nusca
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Figma shares more than triple in public debut
Figma, the design software company led by CEO and cofounder Dylan Field, saw its stock price more than triple in a stunning debut on the New York Stock Exchange on Thursday.
Shares of Figma were trading as high as $107 within minutes after it began trading under the ticker FIG. The company and its early shareholders raised $1.2 billion in its IPO on Wednesday, with shares priced at $33.
The stock began trading Thursday at $85 a share, and took off like a rocket from there.
The surge gave Figma a market cap of roughly $46 billion, eclipsing the $20 billion price that Adobe had planned to acquire the company for before the merger was abandoned in 2023 due to regulatory pushback.
Adobe, with a market cap of around $152 billion, will now be Figma’s key public markets competitor as the upstart chases market share.
Praveer Melwani, Figma’s CFO, told Fortune on Thursday morning that it will be business as usual for Figma moving forward, with possible acquisitions in the pipeline.
Figma’s securities filing for its public debut showed a growing, profitable business, with revenue up in Q1 2025, 46% year-over-year to $228.2 million, and a net income for the quarter at $44.8 million.
Figma’s opening pop reflects not only optimism about Figma, but optimism about the venture-backed IPO landscape overall.
Muted in recent years, tech IPOs have been in the midst of a slow but decisive recovery. Recently, VC-backed darlings like Circle, Chime, Hinge Health, and CoreWeave have all gone public, with varying degrees of success. —Allie Garfinkle
Apple sets quarterly revenue record, beating expectations
Apple blew past Wall Street expectations with its third-quarter earnings report released Thursday.
Its results revealed robust growth driven by persistent iPhone demand, surging services revenue, and resilience in key international markets—even as tariff anxieties and questions over its AI roadmap loomed over the industry.
For the quarter ended June 28, 2025, Apple posted revenue of $94 billion, representing a 10% increase compared to the same period last year.
Net income soared to $1.57 per share—up 12% from a year ago and significantly ahead of analyst forecasts, which had pegged earnings per share at $1.43 on expected revenue of $89.22 billion.
Apple shares climbed more than 2.5% post-market on the results.
The iPhone business was the principal engine of growth, generating $44.6 billion in sales—up from $39.2 billion the previous year.
The Services segment, encompassing the App Store, Apple Pay, Apple TV+, Apple Music, and iCloud, also set a new record: Revenue there hit $27.4 billion, a 13% increase over last year.
Mac sales also posted double-digit growth, rising to $8 billion. In contrast, iPad and Wearables revenue both saw modest declines.
Apple notably outperformed expectations in China with $15.4 billion in sales. The company had projected a $900 million headwind from tariffs this quarter. —Nick Lichtenberg
CEO Andy Jassy: Amazon has chosen to ‘embrace’ AI
Andy Jassy, who sent shockwaves through the jobs market as one of the first major chief executives to say that “AI will mean fewer jobs,” sounded a different tone on the call accompanying Amazon’s quarterly earnings report on Thursday.
He reiterated his view that artificial intelligence will be a transformative force, saying it “is going to change very substantially the way we work” and emphasizing sweeping impacts already under way.
It’s changing the way Amazon does coding, finance, all sorts of things, he said: “Really the way we do business process automation, the way we do customer service.”
The CEO added that AI “will make all our teammates’ jobs more enjoyable,” freeing them up from having to do the “rote” functions that could not previously be automated.
Amazon reported robust second-quarter results, surpassing Wall Street expectations with sharp revenue growth and notable gains in key business segments.
The company posted revenue of $167.7 billion, climbing 13% year-over-year and outpacing analyst predictions of $162.1 billion. Earnings per share came in at $1.68, also topping the expected $1.33.
Though Amazon’s sprawling retail operations remain the largest part of its business, the real engine of profit growth continues to be Amazon Web Services (AWS), the company’s cloud-computing arm.
Still, the company’s shares dropped as much as 3% in after-hours trading, reflecting lingering investor concerns about retail headwinds and long-term spending plans. —NL
More tech
—Coinbase shares drop 6%. Q2 revenue ($1.5 billion) and retail trading volume ($43 billion) missed estimates.
—Salesforce, ServiceNow may invest in Genesys. A reported $750 million each for the customer service software provider.
—Shein revenue jumps. $10 billion in revenue for the Chinese retailer’s first quarter as consumers rushed to buy things ahead of U.S. tariffs.
—Klarna IPO: Not dead. It could happen as soon as September, per reports.
—Roku records a profit. The TV tech company logs a $10.5 million profit on Q2 revenue of $1.11 billion, which beat estimates.
—Tether reports a record profit: $4.9 billion in Q2. The world’s largest stablecoin issuer says it’s still one of the largest holders of U.S. government debt.
—OpenAI launches Stargate Norway, the European edition of its AI data center initiative.
—Trump moves to end ‘de minimis’ imports for all. The tariff loophole was already closed for Chinese imports; now it will apply to packages from everywhere.
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