When a stock jumps 13% in the session after earnings day, and the analyst covering it still cuts the price target, something interesting is happening, and you may want to dig beneath the surface. That is exactly the situation unfolding at Figma (FIG) right now.

The design software company delivered a first-quarter 2026 earnings report that caught Wall Street off guard. Revenue were up 46% year over year, customer retention at its highest level in two years, and AI adoption metrics that directly challenge the narrative that AI tools are eating Figma’s lunch rather than expanding its market.

Goldman Sachs reviewed the results in a note shared with me at TheStreet. Goldman’s message is that the quarter was…