Shares of Cricut, Inc. (NASDAQ: CRCT) jumped over 5% on Wednesday morning after the craft supplies company reported mixed third quarter earnings results but provided guidance that eased investor concerns about future growth.

For the third quarter of 2024, Cricut reported a 4% year-over-year decline in revenue to $167.9 million, missing analysts' expectations. Net income fell 33% to $11.5 million, and earnings per share came in at $0.053, down from $0.079 in the same period last year.

However, the company stated that revenue is forecast to remain flat over the next three years, compared to an expected growth rate of 5.8% for the overall U.S. consumer durables industry. This relative outperformance compared to the industry likely reassured investors about Cricut's long-term growth prospects, driving the stock higher despite the weaker-than-expected quarterly results.