Figma Inc (FIG.US) saw its shares plunge more than 17% on Thursday following its earnings release, trading at $23.14. The company reported second-quarter revenue of $370.1 million, up 48% year-over-year and exceeding its own guidance range. GAAP net loss per share was $0.21, while non-GAAP net profit per share came in at $0.08.

Since its initial public offering last year, Figma shares have been on a steady decline. In a move to shore up investor confidence amid concerns over disruption from artificial intelligence, CEO Dylan Field voluntarily forfeited approximately $46 million in company stock awards. Figma disclosed in a Wednesday filing that the forfeiture was voluntary and that no replacement awards were issued. Field was originally set to receive about 2.4 million Class B shares on July 1. These Class B shares grant Field greater control over the company and can be converted into Class A shares traded on the market at any time. On July 1, the Class A shares closed at $19.49.