Cricut Q2 revenue misses estimates as products sales fall
CRCT•Outlook
- Company did not provide specific financial guidance for future quarters or the full year
Overview
- Creative technology firm's Q2 revenue fell 9% yr/yr; net income rose 59%
- Diluted EPS for Q2 rose to $0.19 from $0.11 a year earlier
- Company repurchased 1.7 mln shares for $7.5 mln in Q2
Result drivers
- Products revenue decline - A 22% drop in products revenue drove the overall revenue decrease, partly offset by platform revenue growth
- Platform growth - Platform revenue grew over 5%, supported by higher paid subscribers and ARPU
- Gross margin improvement - Higher gross margin contributed to increased net income
Key details and analyst coverage
| Metric | Beat/Miss | Actual | Consensus Estimate |
|---|---|---|---|
| Q2 Revenue | Miss | $156.29 mln | $163.28 mln (2 Analysts) |
| Q2 EPS | $0.19 | ||
| Q2 Net Income | $39.05 mln |
