Cricut Inc. (CRCT), a manufacturer of paper handling equipment, released its first-quarter report last week. The increase in CRCT stock by 22.70 %, to $ 24.54, was driven by strong performance and significant audience growth.
Cricut’s revenue increased by 125.3 % during the past quarter compared to last year to $ 323.8 million. A 140.6 % increase in subscription sales to $ 46.1 million was recorded. A 279 % jump in net profit drove the company’s net profit to $ 49.4 million. A 253.4 % increase in international revenues accounted for 10.3 % of total revenues.
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In this regard, Cricut has experienced strong sales – largely due to the increased demand for tools and services for artisans, crafters, and gift-makers. Cricut was previously rated positively, and the report reaffirmed that assessment.
Cricut Inc. (CRCT) added 600,00 users during the last quarter, resulting in an immediate boost to financial performance. The most important thing is that users are a powerful marketing force that increases awareness of Cricut’s products.
Cricut had 1.6 million subscribers in the first quarter, and connected device sales (curved cutters, etc.) increased by 148%. All in all, performance across all segments of Cricut’s business has improved over the last few years.
The company currently has the strongest growth in the international market, actively expanding its presence. A new Cricut team was added to serve customers in Asia, Africa, and the Middle East. The company also expanded its presence in Spain, Scandinavia, and Mexico; it also brought its products to Britain, Australia, France, and Germany.
Cricut Inc. (CRCT) closed at $23.53 on the last trading day, lower by -4.22%. Shares trading totaled 1.72 million, which was higher than the average volume over the past three months of 846.60K. Its earnings per share ratio are 0.70. Shares of CRCT’s company have gained 14.28% in the past five sessions, have moved 17.65% in the past month, and have increased 32.19% on a year-to-date basis. Furthermore, the stock is currently trading at an RSI of 55.66.