Figma reported Q2 2026 revenue of $370.1m, up 48% year-over-year and beating estimates, yet its stock fell ~16% after hours. The culprit: R&D spending more than doubled to $167.3m and total operating expenses nearly doubled to $426.9m, swinging the company to a $117.3m GAAP operating loss. Adjusted operating margin compressed from 16% to 10% in a single quarter. Despite strong AI adoption signals — 80%+ of top customers using AI credits weekly and over half using the Figma agent — the flat profit outlook alongside rising revenue guidance spooked investors. Q3 revenue growth is expected to decelerate to ~36%. The sell-off spread to Salesforce, ServiceNow, Intuit, and Adobe, signaling broader investor concern about AI spending squeezing software margins. Two C-suite departures (CMO and CPO) added to the uncertainty. Figma's CFO framed the spending as a deliberate long-term investment, noting AI tools are already enabling the company to hire fewer people than planned.
