Cricut Q1 revenue down 8%; net income up 116% to $19.6M; announces dividends and $50M buyback

Cricut, Inc.

2024-Q1 EPS reported $0.09 revenue$167,392,000

Revenue $167.4M (-8% YoY); platform revenue $78.3M (+3%), products revenue $89.1M (-15%).
Net income $19.6M ($0.09 diluted EPS) vs $9.1M ($0.04) a year ago; operating margin 15.1% vs 5.8%.
Paid subscribers 2.8M (+3% YoY); Active Users 5.95M; Platform ARPU $52.26, up from $48.51.
Board authorizes special dividend $0.40/share, recurring semi-annual dividend $0.10, and $50M stock repurchase.
Generated $56.7M cash from ops; ended Q1 with $282M cash, debt-free.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Cricut, Inc. reported first quarter ended March 31, 2024 results: revenue $167.4 million, net income $19.6 million, EPS $0.09 per diluted share.

Period: first quarter ended March 31, 2024
Revenue: $167.4 million
Net income: $19.6 million
EPS: $0.09 per diluted share
Result: reported results

Exact text from the filing

Cricut, Inc. Reports First Quarter 2024 Financial Results Paid subscribers of approximately 2.8 million, up 3% over Q1 2023 Q1 2024 revenue of $167.4 million, 8% decline compared to Q1 2023 Delivered 21st consecutive quarter of profitability with net income of $19.6 million, up 116% over Q1 2023 Board authorizes three capital allocation items SOUTH JORDAN, Utah, May 7, 2024 (GLOBE NEWSWIRE) -- Cricut, Inc. ("Cricut") (NASDAQ: CRCT), the creative technology company that has brought a connected platform for making to millions of users worldwide, today announced financial results for its first quarter ended March 31, 2024.

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Source: SEC EDGAR

accession 0001828962-24-000046

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