Cricut Q2 net income up 23% to $19.8M; connected machine revenue up 18% YoY

Cricut, Inc.

2024-Q2 EPS reported $0.18 revenue$335,339,000

Net income $19.8M (diluted EPS $0.09) vs $16.0M ($0.07) a year ago; 22nd consecutive profitable quarter.
Revenue $167.9M down 6% YoY; connected machines revenue up 18%, platform revenue $77.6M slightly up.
Paid subscribers over 2.8M (+3% YoY); Platform ARPU $52.61 (+5% YoY); Active Users 5.9M (flat).
Gross margin expanded to 53.5% (from 49.3%); operating income $26.4M vs $19.3M (margin 15.7% vs 10.8%).
Generated $35M cash from ops; repurchased 1.5M shares ($9.3M); paid special dividend $0.40 and semi-annual $0.10 per share in July.

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