Figma shares plunged 15.31% after hours to $23.84, despite strong second-quarter revenue growth and higher full-year guidance. The stock had closed 3.80% higher at $28.15 before the earnings release triggered a sharp reversal. The decline followed mixed market reactions to growth, spending, and the company’s outlook.
Figma, Inc., FIG
Figma reported second-quarter revenue of $370.1 million, up 48% from the same period last year. Revenue also exceeded the company’s earlier guidance range and accelerated for a third consecutive quarter. However, the market focused on operating losses and higher spending tied to product expansion.
The company raised its full-year revenue forecast by $40 million after the stronger quarterly performance. It now expects annual revenue between $1.463 billion and $1.467 billion. That range implies 39% growth at the midpoint and reflects continued demand across its platform.
Figma completed its first full quarter of AI credit monetization during the reporting period. More than 80% of larger paid customers used AI credits weekly by June 30. Customers also expanded both seats and paid credit add-ons during the quarter.
Net Dollar Retention Rate reached 136%, showing strong spending growth among existing customers. Figma had 15,964 customers generating more than $10,000 in annual recurring revenue. That customer group grew 34% from the previous year.
Figma also reported 1,635 customers with annual recurring revenue above $100,000. This group expanded 46% year over year and strengthened the company’s enterprise position. The platform now combines collaborative design, coding, prototyping, and agent-based workflows.
Figma generated GAAP gross profit of $309.6 million during the second quarter. Its GAAP gross margin reached 84%, while non-GAAP gross margin stood at 85%. Gross profit growth accelerated to 40% under both accounting measures.
Figma posted a GAAP operating loss of $117.3 million and a negative 32% operating margin. Higher sales and marketing costs from its Config conference weighed on quarterly profitability. Still, non-GAAP operating income reached $36.1 million with a 10% margin.
Operating cash flow reached $60.9 million, while free cash flow totaled $53.2 million and carried a 14% margin. Figma ended June with $1.7 billion in cash, equivalents, and marketable securities. Third-quarter revenue guidance spans $373 million to $375 million, with annual non-GAAP operating income at $125 million to $135 million.
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