Analysis
Figma shares fell as much as 16.5% in after-hours trading following its second-quarter earnings report, even as the design software company beat revenue estimates and raised its full-year guidance, according to The Information. Revenue came in at $370.08 million against estimates of $351.56 million, up 48% year over year. Figma also raised its full-year 2026 revenue outlook by $40 million, to a range of $1.463 billion to $1.467 billion.
Two things overshadowed the beat. First, cost of revenue rose 117% year over year -- more than double the pace of revenue growth -- as Figma absorbs rising AI infrastructure and hosting expenses tied to its newer AI-powered design features. Profit guidance stayed flat even as the revenue outlook rose, telling investors that AI costs are eating directly into the margin expansion a revenue beat would normally deliver. Second, CEO Dylan Field confirmed that chief marketing officer Sheila Vashee and chief product officer Yuhki Yamashita are both departing.
“Second, CEO Dylan Field confirmed that chief marketing officer Sheila Vashee and chief product officer Yuhki Yamashita are both departing.”
Figma is roughly a year removed from a high-profile 2026 IPO, and this is the clearest test yet of a pattern showing up across newly public AI-infused software companies: strong top-line growth increasingly comes bundled with AI infrastructure costs that grow even faster, and investors are starting to price the margin math, not just the growth headline.