Cricut Q2 2023 Earnings Report
Key Takeaways
Cricut, Inc. reported Q2 2023 revenue of $177.8 million, a 3% decrease compared to Q2 2022. Despite the revenue decline, subscriptions and machines revenue increased by 13% and 5% respectively. The company delivered its 18th consecutive quarter of profitability with a net income of $16.0 million.
Total users grew to over 8.4 million, up 17% over Q2 2022.
Paid subscribers reached over 2.7 million, up 15% over Q2 2022.
Delivered 18th consecutive quarter of profitability with net income of $16.0 million.
Subscriptions revenue and machines revenue growth increased year over year 13% and 5%, respectively.
Cricut
Cricut
Cricut Revenue by Segment
Cricut Revenue by Geographic Location
Forward Guidance
Cricut remains committed to its long-term operating margin targets of 15-19%. The company's proven model has demonstrated that when they operate at scale and drive top line growth, these margins are achievable.
Revenue & Expenses
Visualization of income flow from segment revenue to net income