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Mar 31, 2024
Cricut Q1 2024 Earnings Report
Cricut reported an 8% year-over-year revenue decline but achieved its 21st consecutive quarter of profitability, driven by growth in platform revenue and paid subscribers.
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.
Revenue by Segment
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
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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