Figma Stock Rises with Peers, But Guidance Leaves Out New Revenue Streams
Figma's stock rose 13.3% to $30.62 on Thursday, but this move is not necessarily related to any specific news from the company itself.
The direction of Figma's stock movement was largely driven by its peers in the application software sector, with Adobe rising 5.7%, Atlassian up 10.2%, and Microsoft adding just 1.8% against the S&P 500's 0.7% gain.
This cohort bid explains the direction of Figma's stock movement, but not its size. The company's guidance has been built to leave out certain products that are still in beta or early access, including Figma agent, Code Layers, and Figma Make on local code.
The worry is deceleration, with Figma's Q3 2026 revenue guidance at $373 million to $375 million, representing a slowdown from the previous quarter's 48% year-over-year growth. Some of this step down can be attributed to tougher comparisons due to pricing and packaging changes made in March 2025.
Management is explicit that it is not counting these new products in its full-year outlook, despite already bearing their inference cost without offsetting consumption revenue. The guided slowdown carries the cost of these newest products with none of their revenue included.