Cricut reports Q1 EPS 9c, consensus 5c

Reports Q1 revenue $167.39M, consensus $173.71M. “Q1 2024 played out largely as expected. Operating margin dollars grew significantly by 139% or $15 million, driven by lower inventory write-offs, an increase in paid subscribers and higher sales of connected machines despite an 8% year-over-year drop in overall sales. We are encouraged by our Platform revenue, which grew 3% year over year. The Cricut platform now has over 5.95 million Active Users and this creates a tremendous opportunity for us to build deeper user engagement on our platform by helping them discover inspiration, design then make their projects and share them on our platform,” said Ashish Arora, Chief Executive Officer of Cricut.