Cricut Q1 2024 Earnings Report
Key Takeaways
Cricut's Q1 2024 revenue decreased by 8% year-over-year to $167.4 million, but the company maintained profitability with a net income of $19.6 million, up 116% from Q1 2023. Platform revenue increased by 3%, and paid subscribers grew by 3% to approximately 2.8 million. The board authorized a special dividend of $0.40 per share, a recurring semi-annual dividend of $0.10 per share, and another $50 million stock repurchase program.
Revenue decreased by 8% year-over-year to $167.4 million.
Net income increased by 116% year-over-year to $19.6 million.
Paid subscribers increased by 3% year-over-year to approximately 2.8 million.
Platform revenue increased by 3% year-over-year.
Cricut
Cricut
Cricut Revenue by Segment
Cricut Revenue by Geographic Location
Forward Guidance
Given the confidence in the sustainability of Cricut's profitable operations, the board of directors approved three capital allocation items: a special dividend of $0.40 per share, a recurring semi-annual dividend of $0.10 per share, and another $50 million stock repurchase program.
Positive Outlook
- Board approved a special dividend of $0.40 per share.
- Board approved a recurring semi-annual dividend of $0.10 per share.
- Board approved another $50 million stock repurchase program.
- Company delivered 21st consecutive quarter of positive net income.
- Company continues to generate healthy cash flow.
Revenue & Expenses
Visualization of income flow from segment revenue to net income