To help it expand its toolkit for creative professionals, Adobe Inc. agreed to purchase software design company Figma Inc. In a deal valued at approximately $20 billion. As the New York market opened, shares of Adobe plummeted by 13%, the most.
The cash-and-stock acquisition of Figma gives Adobe ownership of a business whose online platform for ideation and collaboration in design is by companies like Zoom Video Communications (ZM. O), AirBnB, and Coinbase (COIN.O).
The company also announced its quarterly earnings. According to Refinitiv data, the company’s forecasted fourth-quarter revenue of $4. 52 billion fell short of analysts’ $4.58 billion estimates.