Overview
- Shares of Figma are down more than 19% since the fiscal Q3 2025 report despite top‑line and EPS beats.
- Revenue rose 38% year over year to $274.2 million and EPS came in at $0.13, topping estimates on both metrics.
- GAAP operating loss totaled $1.1 billion, which management attributed primarily to $975.7 million of one‑time stock‑based compensation.
- Analysts are split, with William Blair reiterating a Buy on product momentum and positioning versus Adobe, while Morgan Stanley kept a Hold and cut its price target to $65.
- Management highlighted traction for the AI‑powered Make tool, rolled out more than 50 features including a ChatGPT integration, and raised full‑year guidance.