Business
Cricut, Inc. Reports Third Quarter 2022 Financial Results
Total users grew to nearly 7.5 million, up 30% over Q3 2021 Paid subscribers increased to nearly 2.5 million, up 35% over Q3 2021 Delivered Q3 2022 revenue of
About this update from Cricut, Inc.
[{"type":"text","content":"Total users grew to nearly 7.5 million, up 30% over Q3 2021 Paid subscribers increased to nearly 2.5 million, up 35% over Q3 2021 Delivered Q3 2022 revenue of $177.0 million, 32% decline compared to a strong prior year Q3 2021 Delivered 15th consecutive quarter of profitability with net income of $12.4 million SOUTH JORDAN, Utah, Nov. 08, 2022 (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 third quarter ended September 30, 2022. “While total revenue reflects certain pressures from the current macroeconomic environment, I am encouraged by the positive momentum we're seeing in many areas across the business. Our fundamentals are healthy, we have strong brand interest, and we continue to grow - total users climbed 30% year-on-year and paid subscriber growth outpaced user growth for the eleventh consecutive quarter,” said Ashish Arora, Chief Executive Officer of Cricut. “Our goal is to create a habit-forming experience, where users interact and engage on our platform often. Early success across these initiatives is giving us confidence in our strategies and our long-term growth opportunity. Operating in this macro environment has been challenging, but I believe we are stronger for it, with greater focus and discipline than ever before.” Third Quarter 2022 Financial Results Revenue was $177.0 million, down 31.9% compared to Q3 2021.Connected machine revenue was $52.4 million, down 48.8% from Q3 2021.Subscriptions revenue was $68.9 million, up 29.2% over Q3 2021.Accessories and materials revenue was $55.7 million, down 46.6% from Q3 2021.Gross margin was 46.2%, up from 39.2% in Q3 2021.Operating income was $17.4 million, or 9.8% of total revenue, compared to $37.7 million, or 14.5% of revenue in Q3 2021.Net income was $12.4 million, down 58.5% over Q3 2021, and was 7.0% of revenue, compared to $30.0 million, or 11.5% of revenue in Q3 2021.Diluted earnings per share was $0.06, down from $0.13 per share in Q3 2021.International revenue decreased by 11.5% over Q3 2021 and was 15.6% of total revenue, up from 12.0% of total revenue in Q3 2021. \"Exiting the third quarter, we believe retailer inventory positions were much healthier, with most retailers needing to place new or...