Figma shares fell sharply in after-hours trading Wednesday despite the design software company posting a decisive second-quarter earnings beat driven by its aggressive artificial intelligence push.
The company reported second-quarter revenue of $370.08 million, surpassing analyst estimates of $351.56 million by a considerable margin.
Adjusted earnings came in at eight cents per share, doubling the four-cent estimate that Wall Street had set heading into the report.
Total revenue climbed 48% year-over-year, marking Figma’s third consecutive quarter of accelerating revenue growth and signaling strong underlying momentum.
Despite the strong headline numbers, a conservative sequential outlook for the current quarter sent the stock tumbling more than 16% in after-hours trading to $23.50.
CEO Dylan Field framed the results as direct validation of the company’s strategy, pointing to a fundamental shift in how businesses are building products with artificial intelligence.
“As companies reimagine how they build products with AI, they are doubling down on Figma,” Field said on the post-earnings call.
Field also said “Q2 was Figma’s third straight quarter of accelerated revenue growth, and as code gets commoditized and value moves up the stack, the opportunity ahead of us has only grown.”
He added that “by bringing code, new creative capabilities, and agents directly to the canvas, we’re increasing the surface for AI consumption in Figma.”
Figma has been embedding artificial intelligence deeply across its browser-based collaborative design platform, launching an AI agent built directly into the Figma canvas earlier this year.
The Figma Agent can execute tasks such as making edits on large files, altering layouts, and handling multi-step workflows, expanding the platform well beyond its original design collaboration roots.
New product launches including Figma Agent, Motion, Shaders, and Weave are broadening the platform’s capabilities and drawing in new categories of users.
Over 50% of paid customers with more than $10,000 in annual recurring revenue are using Figma Agent weekly, driving fresh user engagement and AI credit consumption across the platform.
AI credit monetization is gaining meaningful traction, with over 80% of paid customers above the $10,000 ARR threshold consuming AI credits on a weekly basis.
The company’s net dollar retention rate remains strong at 136%, suggesting existing customers are consistently expanding their spending on the platform over time.
Management raised its full-year revenue guidance by $40 million to a range of $1.463 billion to $1.467 billion, implying approximately 39% growth at the midpoint.
For the third quarter, Figma guided revenue to a range of $373 million to $375 million, ahead of the $364.87 million consensus estimate analysts had anticipated.
Management also noted that beta-stage products including Figma Agent, Code Layers, and Figma Make on local code are not yet factored into the financial outlook, representing potential future upside.
The sharp post-earnings stock decline reflects investor sensitivity to any signal that the pace of AI-driven growth may moderate, even when underlying results appear strong.
The reaction underscores the market’s exacting expectations for companies positioned as direct beneficiaries of enterprise AI adoption and platform expansion.
