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Sep 30, 2023
Cricut Q3 2023 Earnings Report
Cricut demonstrated profitability with an increase in operating income and net income, driven by subscriptions revenue growth and international expansion, despite a slight decline in overall revenue.
Key Takeaways
Cricut, Inc. reported a slight revenue decrease of 1% year-over-year to $174.9 million for Q3 2023, but achieved a 38% increase in net income to $17.2 million. The company saw growth in subscriptions revenue, which was up 11% year-over-year, and international revenue, which increased by 36%.
Total users grew to over 8.6 million, a 16% increase compared to Q3 2022.
Paid subscribers reached approximately 2.7 million, up 11% from Q3 2022.
Net income increased by 38% over Q3 2022, reaching $17.2 million.
International revenue increased by 36% compared to Q3 2022, representing 21% of total revenue.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Cricut remains committed to its long-term operating margin targets of 15-19%.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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