Figma Shares Fall 7% After Earnings Beat and Higher Outlook

Figma shares fell 7% in extended trading Wednesday, Nov. 4, as the company topped third-quarter estimates and raised its annual outlook while projecting slower growth in the current quarter.

Revenue rose 43% from a year earlier to $391.4 million, above the $375.8 million estimate. Adjusted earnings were 10 cents per share, compared with a 5-cent estimate. Adjusted operating margin reached 12%, above the 6.1% estimate. Figma’s net loss narrowed to $81.3 million, or 15 cents per share, from $1.10 billion, or $2.72 per share, in the year-earlier quarter.

Figma now expects full-year revenue of $1.497 billion to $1.499 billion, up from its August range of $1.463 billion to $1.467 billion. It raised its operating-margin forecast to 11%, from 9%. The new revenue range is above the $1.471 billion analysts had expected for 2026.

For the fourth quarter, Figma projects revenue growth of about 33%, down from 43% in the third quarter. That forecast remains above the 28% growth estimate.

During the quarter, Figma began giving customers more AI credits at the same prices. At organizations spending more than $10,000 on Figma, weekly users who used AI credits increased nearly 50%. The share of work handled by Figma’s own AI model doubled, while the rate at which users undid AI-generated work fell.

Chief Financial Officer Praveer Melwani said the company was “potentially trading off near-term revenue” to invest in customers. He said Figma is open to using its own model for tasks it can perform at lower cost or latency, or at similar quality to third-party models.

Figma shares are down about 41% so far in 2026, while the S&P 500 has gained 12%. Investors had earlier raised concerns that AI models could threaten Figma’s business. The company is adding AI features to its product as it seeks to benefit from greater use of AI tools for building websites and apps.