Figma’s $100+ IPO and Big Tech Earnings

Apple, Amazon, and Meta all beat earnings expectations, with Meta shares jumping 12% after a blowout quarter. Microsoft posted strong AI-driven cloud growth. Meanwhile, Coinbase missed estimates, Spotify reported a surprise loss, and Robinhood crushed expectations on crypto strength. And of course, Figma surged over 200% in its IPO debut.

In this newsletter:

• Apple Beats Wall Street Expectations with Record Q3 Earnings
• Amazon Tops Q2 Estimates, Reports Strong Cloud Performance and Raises 2025 Capex Plans
• Meta Shares Surge 12% After Blowing Past Q2 Earnings Expectations
• Arm Q1 Revenue Surpasses $1 Billion Mark Again, Driven by AI and Automotive Demand
• Spotify Swings to a Second-Quarter Loss, Missing Estimates
• Figma IPO surges over 200% in debut, opens trading above $100, and more

Apple Beats Wall Street Expectations with Record Q3 Earnings

Apple reported third-quarter 2025 revenue of $94 billion, surpassing analyst estimates of $89.3 billion due to robust iPhone sales and strong performance in China. Quarterly diluted earnings per share rose 12% year over year to $1.57, and Apple achieved double-digit growth in iPhone, Mac, and Services segments across all global markets. The installed base of active devices reached an all-time high, and the company declared a cash dividend of $0.26 per share, payable August 14, 2025.

Cloudflare Posts Strong Q2 2025 Earnings, Surpassing Expectations with Revenue and Earnings Beat

Cloudflare (NET) reported Q2 2025 adjusted EPS of $0.21, topping analyst estimates by $0.03, and revenue of $512.3M, exceeding expectations by more than $11M. The company provided robust Q3 and full-year guidance, raising both revenue and EPS outlooks above consensus, signaling continued strong demand for its services. Shares have surged nearly 180% over the past year on the earnings momentum and optimism around AI-driven growth initiatives.

Coinbase Shares Fall Sharply After Q2 Earnings Miss Expectations

Coinbase (COIN) reported second-quarter 2025 revenue of $1.5 billion, missing analyst estimates of $1.59 billion. Transaction revenue dropped 39% from the previous quarter, and adjusted EBITDA declined to $512 million. The earnings miss sent shares down 7% in after-hours trading amid concerns over waning trading activity despite rising crypto prices.

MicroStrategy Surpasses Q2 Earnings Expectations Amid Rising Bitcoin Holdings

MicroStrategy (MSTR) reported Q2 revenue of $114.49 million, beating analyst estimates, with adjusted earnings hitting $32.52 per share. The company now holds 597,325 Bitcoin, and total revenue increased 2.7% year-over-year, underscoring the continued significance of its Bitcoin treasury strategy and robust subscription growth.

Amazon Tops Q2 Estimates, Reports Strong Cloud Performance and Raises 2025 Capex Plans

Amazon beat Q2 expectations with $167.7 billion in revenue (up 13% year-over-year) and profits of $19.2 billion, exceeding analyst forecasts. AWS revenue grew 17% to $30.9 billion, making up the majority of operating profits. Despite the beat, shares fell over 3% in after-hours trading, with the company also forecasting a significant increase in capital expenditures to over $100 billion in 2025, focusing heavily on AI investments within AWS. Amazon projected Q3 sales between $174 and $179.5 billion.

Figma IPO surges over 200% in debut, opens trading above $100

Figma (NYSE: FIG) opened for trading on the New York Stock Exchange today at $85 per share, sharply above its IPO price of $33 per share. Shares have since soared to $112.77, marking a 242% gain on the first day, underscoring one of the most significant tech IPO debuts in years. Analysts highlight Figma as the 'software IPO we've been waiting for,' positioning the company as a bellwether for renewed investor appetite for high-growth tech stocks.

Robinhood Smashes Q2 Earnings Expectations with 45% Revenue Growth, Crypto Surge, and Global Expansion

Robinhood reported outstanding Q2 2025 results, posting revenues of $989 million (up 45% year-over-year) and earnings per share of $0.42, both significantly above consensus forecasts. A 98% year-over-year surge in crypto trading revenue to $160 million and high asset inflows powered the company's strong performance, despite headwinds in some areas. Robinhood also announced major strategic moves—including the acquisition of Bitstamp and WonderFi—to drive its expansion in Europe and accelerate its push into real-world asset tokenization, with CEO Vlad Tenev highlighting tokenization as a top innovation priority.

Meta Shares Surge 12% After Blowing Past Q2 Earnings Expectations

Meta Platforms (META) reported second quarter 2025 earnings that far exceeded analyst expectations, posting EPS of $7.14 and revenue of $47.5 billion, compared to Wall Street estimates of $5.89 EPS and $44.83 billion in revenue. The stock soared 12% after hours, with analysts calling it a 'massive quarter' driven by strong ad growth and increased AI-related hiring, despite concerns about rising capital expenditures and headcount, which grew 7% year-over-year to 75,945.

Arm Q1 Revenue Surpasses $1 Billion Mark Again, Driven by AI and Automotive Demand

Arm Holdings (NASDAQ:ARM) reported Q1 FYE26 revenues exceeded $1 billion for the second consecutive quarter, marking the company's second-best revenue quarter ever. Royalty revenue grew 25% year-over-year to $585 million, primarily on accelerating adoption of Armv9 architecture and increased deployment of Arm-based chips in AI datacenters and automotive applications, including a significant design win for its Zena CSS automotive platform. Arm highlighted its platform's critical role in AI advancement and expanding engagement with leading automotive OEMs.

Microsoft Q4 2025 Earnings Beat Expectations on Strong Cloud and AI Growth

Microsoft reported Q4 2025 earnings that exceeded Wall Street forecasts, with revenue of $76.4 billion (up 18% year-over-year) and EPS of $3.65, both above analyst expectations. The results were driven by robust growth in Azure and cloud services, with Azure annual revenue surpassing $75 billion (up 34%), contributing to Microsoft Cloud revenue reaching $46.7 billion—a 27% year-over-year increase. The company also returned $9.4 billion to shareholders via dividends and share repurchases in the quarter, and its stock price rose on continued strong investor confidence in long-term growth fueled by AI and cloud leadership.

Spotify Swings to a Second-Quarter Loss, Missing Estimates

Spotify Technology SA reported a loss of 42 euro cents per share for the second quarter of 2025, missing analyst expectations for a profit of €1.97 per share. While revenue rose 10% year-over-year to €4.19 billion, this figure also fell short of Wall Street's €4.27 billion estimate. However, paying subscribers grew to 276 million, surpassing projections of 273.2 million.

Pentagon Tests Microsoft and OpenAI AI Models to Reduce Vendor Dependency

The Department of Defense (DoD) is testing AI models from Microsoft and OpenAI as part of an effort to reduce dependency on entrenched vendors such as Palantir Technologies and Lockheed Martin. These AI models are designed to extract data from contractor-managed analytics applications, potentially giving the DoD more leverage in platform transitions and contract negotiations. The outcome could reshape the competitive landscape for major defense tech providers and alter procurement strategies for AI-enabled defense intelligence and analytics systems.

OpenAI CEO Sam Altman Warns: ChatGPT Conversations Not Legally Confidential

OpenAI CEO Sam Altman has publicly cautioned that confidential or sensitive conversations with ChatGPT do not have the same legal protections as those with licensed therapists, doctors, or lawyers. In a podcast appearance published today, Altman emphasized that such AI-based therapy-style interactions could be compelled by courts for disclosure, highlighting the urgent need for legal privacy frameworks to address the growing use of AI platforms for personal guidance and therapy-style conversations. The lack of legal privilege raises significant privacy concerns as more users—especially young people—turn to ChatGPT for advice and emotional support .