Figma Stock Drops 7% After Q3 Beat as AI Credits Strategy Weighs on Revenue

Figma shares tumbled 7% in extended trading after the design software company reported third-quarter results and guidance that surpassed Wall Street’s predictions, as investors weighed the cost of the company’s push to distribute artificial intelligence tools more widely without raising prices.

The selloff came even as the company cleared consensus estimates across the board. Figma reported adjusted earnings of 10 cents per share, double the 5 cents expected, on revenue of $391.4 million against a forecast of $375.8 million. Revenue grew about 43% year over year, and the net loss narrowed to $81.3 million, or 15 cents per share, from a loss of $1.10 billion, or $2.72 per share, a year earlier. The company’s 12% adjusted operating margin exceeded the 6.1% consensus among analysts polled by StreetAccount.

Guidance Raised Despite the Selloff

Executives lifted the full-year forecast, with Figma now anticipating an 11% operating margin, up from 9% as of August, and revenue of $1.497 billion to $1.499 billion, compared with $1.463 billion to $1.467 billion previously. Analysts surveyed by LSEG had been looking for $1.471 billion in 2026 revenue. The company also projected fourth-quarter revenue growth slowing to about 33%, above the 28% analysts had predicted.

Credits Boost Long-Term Growth Strategy

During the quarter, the company began giving more AI credits to clients while maintaining 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, Figma’s finance chief, Praveer Melwani, told CNBC. Usage data showed momentum: the number of weekly users at organizations spending over $10,000 on Figma who used AI credits increased by almost 50% during the quarter, the share of work performed by the company’s own AI model doubled, and the rate of users undoing AI-generated work fell. Teams using AI features were also creating 30% more design files, according to the company.

Shares Down 41% This Year

The decline adds to a difficult stretch for the stock. Shares have fallen about 41% so far in 2026, while the S&P 500 index has gained 12%. Earlier this year, investors grew concerned that AI models could pose a competitive risk to Figma, though that panic has largely subsided across the software sector as incumbents posted persistent growth. Whether the company’s strategy of bundling advanced AI features into existing subscriptions pays off in expanded usage and enterprise growth, or leaves revenue on the table, remains the open question as Figma prepares to discuss the results with analysts.