Figma shares fall 7% despite earnings beat as it gives customers more AI credits

Figma’s stronger quarter and higher forecast were not enough to lift its stock. Shares fell 7% in extended trading after its November 4 results, detailed in CNBC’s earnings coverage. The company also described its decision to give customers more AI credits without raising prices—a potential sacrifice of near-term revenue for longer-term growth.

A beat on sales and adjusted profit

Third-quarter revenue reached $391.4 million, above the $375.8 million consensus compiled by LSEG. Sales grew about 43% from a year earlier. Adjusted earnings were 10 cents per share, twice the 5 cents analysts had expected. The company also delivered a 12% adjusted operating margin, compared with the 6.1% consensus from analysts surveyed by StreetAccount.

Figma remained unprofitable on a net basis, though its loss narrowed substantially. It lost $81.3 million, or 15 cents per share, against a loss of $1.10 billion, or $2.72 per share, a year earlier. The positive adjusted earnings figure therefore sits alongside a net loss, rather than marking a return to net profitability.

The after-hours decline added to a difficult year for the stock. Figma shares were already down about 41% in 2026, while the S&P 500 had gained 12%.

More AI use at the same price

During the quarter, Figma increased the AI credits available to customers while keeping prices unchanged. Finance chief Praveer Melwani explained the rationale in a CNBC interview:

Figma reported growing use of those credits among a defined group of business customers. At organizations spending more than $10,000 with Figma, the number of weekly users who used AI credits increased almost 50% during the quarter. That measures weekly AI-credit users within that customer group, not growth across Figma’s entire user base.

The company also said the share of work handled by its own AI model doubled, while the rate at which people undid AI-generated work fell. Melwani said Figma is open to powering certain customer actions itself when it can offer lower latency—the delay before a response—lower cost, or quality similar to third-party models.

A higher outlook, but slower growth

Executives raised both full-year targets. The new sales range also exceeds the $1.471 billion that analysts surveyed by LSEG had expected:

• Full-year revenue: $1.497 billion to $1.499 billion, up from the previous forecast of $1.463 billion to $1.467 billion.
• Full-year operating margin: 11%, up from the 9% forecast issued in August.

For the fourth quarter, Figma expects revenue growth of about 33%. That would be slower than the third quarter’s roughly 43%, but above the 28% growth analysts had forecast.