Figma released third-quarter financial results that surpassed analyst forecasts, yet the company’s stock declined 7% in after-hours trading. The design software platform reported revenue growth of approximately 43% year over year, while narrowing its net loss to $81.3 million, or 15 cents per share, compared with a loss of $1.10 billion, or $2.72 per share, in the year-ago period.
The company demonstrated an adjusted operating margin of 12%, exceeding the 6.1% consensus estimate among analysts. Figma raised its full-year guidance, now projecting an 11% operating margin up from the previously anticipated 9%, and revenue between $1.497 billion and $1.499 billion. This compared favorably to the prior forecast range of $1.463 billion to $1.467 billion and analyst expectations for $1.471 billion in annual revenue. For the fourth quarter, Figma anticipated revenue growth of approximately 33%, surpassing analyst predictions of 28% expansion.
The stock decline came despite the strong results, reflecting investor concerns about the company’s strategic shift. Figma increased AI credit allocations to customers while maintaining pricing, a move designed to drive long-term customer value at the expense of immediate revenue recognition. The number of weekly users at organizations spending over $10,000 annually on Figma who accessed AI credits rose nearly 50% during the quarter. Additionally, the utilization rate of Figma’s proprietary AI model doubled, and the frequency of users reversing AI-generated work decreased.
Figma’s shares have declined roughly 41% year to date, while the S&P 500 index gained 12%. Earlier in the year, market participants had expressed concerns regarding artificial intelligence models potentially threatening Figma’s competitive position. The company also emphasized growing attention to cybersecurity infrastructure, with leadership noting the necessity of evaluating vendor security practices amid recent AI-related system breaches at other technology firms.
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