Shares of Cricut, Inc. (CRCT) plummeted by 9.44% on Tuesday after the company reported disappointing third-quarter results, missing analysts' revenue expectations.
The crafting technology company reported adjusted earnings per share (EPS) of $0.05 for the quarter ended September 30th, 2024, meeting analyst estimates but lower than the $0.08 EPS reported in the same quarter last year. Revenue fell 4% year-over-year to $167.89 million, missing the consensus estimate of $171.19 million.
Despite posting a net income of $11.49 million for the quarter, Cricut's revenue miss and lower year-over-year earnings seemed to weigh heavily on investor sentiment. The company's stock had already fallen by 8.1% in the previous quarter, although it had gained 4.2% year-to-date.
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