Figma Stock Falls After Q3 Earnings

Figma Inc (NYSE:FIG) reported third-quarter financial results after the market close on Wednesday. Here’s what you need to know from the report.

• Figma stock is trending. What’s driving FIG stock?

Figma Q3 Earnings Highlights

Figma reported third-quarter revenue of $391.42 million, beating estimates of $375.83 million, according to Benzinga Pro. The collaborative web-based software company reported adjusted earnings of 10 cents per share, beating estimates of sic cents per share.

Total revenue was up 43% year-over-year. Figma generated $48.4 million of net cash from operations and $41.5 million of free cash flow during the quarter. Figma had 16,566 paid customers with more than $10,000 in ARR and 1,717 paid customers with more than $100,000 in ARR as of Sept. 30.

“As code becomes a commodity, value is moving up the stack to design — and our Q3 results reflect that,” said Dylan Field, CEO of Figma. “This is Figma’s opportunity and what we believe will fuel our next phase of growth.”

Figma ended the quarter with $1.7 billion in total cash, cash equivalents and marketable securities.

Figma expects fourth-quarter revenue to be in the range of $402 million to $404 million, implying 33% year-over-year growth at the midpoint.

The company also raised its full-year revenue outlook from a range of $1.463 billion to $1.467 billion to a new range of $1.497 billion to $1.499 billion.

Figma’s management team will further discuss the quarter on an earnings call scheduled for 5 p.m. ET.

FIG Shares Stumble After Earnings

Figma shares were down 5.87% in after-hours on Wednesday, trading at $20.83 at the time of publication, according to Benzinga Pro.

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