Figma Shares Drop 7% as AI Expansion Takes Priority Over Profits
Company beats third-quarter revenue estimates but prioritizes long-term growth through expanded AI offerings.
Figma shares fell 7% in after-hours trading. The decline occurred even though the company beat Wall Street estimates for the third quarter.
Revenue grew about 43% compared to the previous year. Net loss narrowed to 81.3 million dollars from a loss of 1.1 billion dollars recorded in the same period last year.
Figma management raised its operating margin forecast to 11% for this year. The annual revenue outlook was also adjusted to a range between 1.497 billion and 1.499 billion dollars.
The current strategy involves offering more artificial intelligence credits to customers without raising prices. The company aims to increase the adoption of its tools for website and application design.
The number of weekly users at organizations spending over 10,000 dollars on Figma who utilized AI credits grew nearly 50% during the quarter. The company also doubled the share of its proprietary artificial intelligence model in executing customer tasks.
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