Shares of Figma FIG.N dropped 15.1% to $23.88 premarket
The company's rising AI investment costs and declining margins overshadowed an upbeat annual revenue forecast
Total operating expenses nearly doubled to $426.9 million in the second quarter as AI-related investments drove a 101.5% jump in R&D costs
Figma said its new usage-based pricing model for AI credits, launched in March, will start to deliver stronger results in the latter part of 2026 and early into 2027
However, the company posted second-quarter revenue of $370.1 million, beating estimates of $351.6 million, and raised its full-year revenue forecast to $1.463 billion-$1.467 billion
Five out of 14 analysts rate the stock "buy" or higher, nine rate it "hold"; median price target at $30 - data compiled by LSEG
As of last close, FIG stock was down 24.6% year to date
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