Cricut (NASDAQ:CRCT) is trading significantly lower Wednesday after the company reported worse-than-expected top-line results and showed declining net income.
Cricut said fourth-quarter revenue increased 5% year-over-year to $387.5 million, which came in below the $407.51 million estimate. The creative technology company reported quarterly earnings of 5 cents per share.
Fourth-quarter net income was $11.9 million, down approximately 81% year-over-year. Connected machine revenue totaled $158.1 million, down 7% year-over-year.
"As we head into 2022, our strong focus on profitable growth prioritizes user engagement and monetization in the short term, while investing in expanding the platform for longer term growth," said Ashish Arora, CEO of Cricut.
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CRCT Price Action: Cricut shares are making new 52-week lows in Wednesday's trading session.
The stock was down 28.4% at $9.99 at time of publication.
Photo: courtesy of Cricut.
