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SOUTH JORDAN, Utah - Cricut Inc. (NASDAQ:CRCT) reported fourth quarter earnings that beat analyst estimates, while revenue fell short of expectations.
The creative technology company posted adjusted earnings per share of $0.06, exceeding the analyst consensus of $0.04. However, revenue declined 9% year-over-year to $209.3 million, missing estimates of $231.16 million.
For the full year 2024, Cricut generated revenue of $712.5 million, down 7% compared to 2023. The company reported net income of $62.8 million, or 8.8% of revenue, up from $53.6 million in 2023.
"While we are pleased with our growth in operating income, we are working with tremendous urgency and focus to drive to an inflection point for growth," said CEO Ashish Arora. He noted the company recently launched two new cutting machines and is making incremental investments in several areas.
Cricut’s paid subscribers increased 7% YoY to 2.96 million. Platform revenue grew 2% to $79.4 million, while products revenue fell 15% to $129.9 million in Q4.
The company generated $265 million in cash from operations in 2024 and ended the year with $337 million in cash and no debt. Cricut expects to remain profitable each quarter and generate significant positive cash flow in 2025.
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