Figma shares fall as AI costs weigh on quarterly earnings

Figma, Inc. saw its stock price decline by approximately 7% in late trading on Nov. 4, 2026, despite the company reporting financial results that surpassed analyst expectations for the third quarter.

The company reported revenue of $391.42 million, exceeding the consensus estimate of $375.8 million. Earnings per share reached $0.10, doubling the anticipated $0.05 per share. Following these results, Figma raised its full-year 2026 revenue guidance to a range of $1.497 billion to $1.499 billion, up from its previous projection of $1.463 billion to $1.467 billion. The firm also forecasted fourth-quarter revenue between $402 million and $404 million.

Investor concern centered on the rising expenses linked to the company's aggressive expansion into artificial intelligence. Figma has been heavily investing in first-party AI models and providing AI credits to users to maintain its position in the design software market. While these initiatives have successfully driven platform usage, they have also led to a significant increase in operating costs, prompting questions about the long-term impact on profit margins.

CEO Dylan Field addressed the company's strategic focus during the earnings call on Nov. 4, 2026, stating that as code becomes a commodity, value is moving up the stack to design. Figma has been a publicly traded company on the New York Stock Exchange since July 31, 2025.