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Cricut Q3 revenue rises on products, international growth

By Reuters News


Overview

  • Creative technology platform's Q3 revenue rose 11% yr/yr, net income up 36%

  • International revenue accounted for 28% of total, up from 24% a year ago

  • Company declared $0.10 semi-annual and $0.70 special dividend, continued share repurchases


Outlook

  • Company did not provide specific financial guidance for the current quarter or full year in its press release


Result Drivers

  • PRODUCTS GROWTH - Co said 17% yr/yr increase in products revenue drove overall revenue growth

  • PRODUCT LAUNCHES - Maker 5 and StickerPix launches expanded Cricut's connected ecosystem and supported growth

  • INTERNATIONAL EXPANSION - International revenue increased 30% yr/yr and made up a larger share of total revenue


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$188.62 mln

$173.16 mln (2 Analysts)

Q3 Net Income

$27.84 mln

Q3 Basic EPS

$0.13

Q3 Gross Profit

$108.88 mln

Q3 Income From Operations

$33.89 mln

Q3 Pretax Profit

$36.37 mln


Analyst Coverage

  • The current average analyst rating on the shares is "sell" and the breakdown of recommendations is no "strong buy" or "buy", no "hold" and 3 "sell" or "strong sell"

  • The average consensus recommendation for the integrated hardware & software peer group is "hold."

  • Wall Street's median 12-month price target for Cricut, Inc. is $4.00, about 33.8% below its November 2 closing price of $6.04

  • The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 24 three months ago


Reuters Recommended Reads

  • Nov 3 - Cinemark posts record Q3 revenue, net income up 146%

  • Nov 3 - Chegg Q3 revenue falls as legacy business declines


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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