Figma Shares Slide 7% Despite Beat as It Gives Customers More AI Credits

Revenue rose about 43 per cent from a year earlier to $391.4 million, CNBC reported, against the $375.8 million analysts polled by LSEG had expected. Adjusted earnings were 10 cents a share, double the 5-cent forecast. The net loss narrowed to $81.3 million, or 15 cents a share, from $1.10 billion, or $2.72 a share, a year earlier. Figma's 12 per cent adjusted operating margin was well above the 6.1 per cent StreetAccount consensus.

The company now expects 2026 revenue of $1.497 billion to $1.499 billion, up from its August range of $1.463 billion to $1.467 billion, and an operating margin of 11 per cent instead of 9 per cent. According to CNBC, it expects revenue growth to slow to about 33 per cent in the fourth quarter, against the 28 per cent analysts had forecast.

The results show Figma choosing AI use over short-term revenue. During the quarter it gave clients more AI credits without raising prices. "What that means is you're potentially trading off near-term revenue, investing in your customers, and then allowing yourself to then grow durably over the long term," chief financial officer Praveer Melwani told CNBC.

Figma said the number of weekly users who used AI credits rose by almost 50 per cent during the quarter, counting only users at organisations that spend more than $10,000 a year on Figma. It said the share of work done by its own AI model doubled, and users undid AI-generated work less often. Melwani said Figma is open to running more of that work on its own models if it can match third-party quality at lower cost or latency.

The shares have fallen about 41 per cent this year, as investors worry that AI models could let customers build websites and apps without Figma's tools. Executives were due to take analysts' questions on a call at 5 p.m. Eastern time.