Figma 的财务数据显示利润率不断收窄，且因支出增加而出现大额经营亏损；该公司经营失败，不建议持有其股票。
逐段跳播
如果你看看最新的云设计软件，知道他们与Figma合作了，我认为那是Figma的一个错误。你为什么还想跟Figma这样的公司打交道？
If you look at the latest Cloud design software, knowing that they partnered with Figma, I think that was a mistake on Figma's part. Why would you want to deal with a company like Figma anymore?
我们看了Figma的利润，然后说，兄弟，那些利润率在缩水。这些人提高了营收。他们的营收增长了48%。他们的总利润增长了39%。所以这里的利润率有一点缩水。这不算太糟。他们的整体利润率仍然在83.7%，这很棒。
We looked at Figma's profits and said, brother, those margins are shrinking. These people increased their revenue. Their revenues increased by 48%. Their total profit increased by 39%.
So there was a bit of shrinkage in the margins here. It's not that bad. Their overall profit margins are still at 83.7%, which is great.
但问题就在这里，真正的困境就在这里。他们在这一时期末，也就是截至6月30日的三个月里，有200万美元的经营收入。他们赚了200万美元。他们实际上是多年来第一次实现盈利。他们在2025年6月那个季度末是盈利的。然后到了今年6月，他们显然决定放弃一切。
But here's what the problem is, what the real dilemma is. They had an income from operations at the end of this period, the three months ending June 30, of $2 million. They won $2 million.
They were actually profitable for the first time in years. They were profitable in June 2025 in that quarter ending. Then in June of this year they apparently decided to give up on everything.
因为他们确实蒙受了1.17亿美元的亏损。因为他们做了什么？他们在研发上加倍投入，因为他们意识到自己陷入了困境。他们把营销费用提高了59%，这比他们的营收还多，并把行政及一般费用增加了2.7倍。
Because they literally incurred a loss of $117 million. Because what did they do? They doubled down on their research and development because they realized they were in a bind.
They increased their marketing expenses by 59%, which is more than their revenue, and doubled their administrative and general expenses 2.7 times.
我认为高管的薪水应该上涨，因为这艘船正在下沉，最好在它沉没之前尽可能多拿点报酬。我认为这是与船一同沉没的一种方式。带着巨额黄金特权和丰厚薪水随船沉没，对吧？
I think salaries should go up for executives because this ship is sinking, and it's better to get as much pay as possible before it sinks. I think this is one way to sink with the ship.
Going down with the ship with huge golden privileges and big salaries, right?
抱歉，我其实没有多少关于Figma的好话可说。我对Figma的正面评价非常少，而且我的意思是，基于我在“Cloud”上看到的情况，你为什么要用他们？抱歉。我觉得他们不诚实。我真诚地向任何持有他们股票的人道歉，但这里的这三家公司，我无法说服自己去接近它们，因为与它们打交道没有任何正当理由。
Sorry, I didn't actually have many good things to say about Figma. I had very few positive things to say about Figma, and I mean, based on what I see with "Cloud," why would you use them?
I'm sorry. I feel they are dishonest. I sincerely apologize to anyone who owns their shares, but these three companies here, I cannot convince myself to go near them because there is no justification for dealing with them.
这个频道对 $FIG 的历次判断
Meet Kevin 在这只股票上只有这一条判断。