RTTNews | Aug 13, 2021 10:51AM EDT

10:51 Friday, August 13, 2021 (RTTNews.com) - Shares of Cricut Inc. (CRCT) are slipping nearly 20% on Friday morning after the company reported its second-quarter results.

CRCT is currently trading at $27.02, down $7.49 or 21.70%, on the Nasdaq, on a volume of 2.9 million shares, far above the average volume of 900 thousand shares. CRCT has traded between $18.00 and $47.36 in the 52 week period. The stock has gained nearly 50% in that time frame.

Net income for the quarter was $49.1 million or $0.22 per share, up from $34.9 million or $0.17 per share last year. Revenues for the second quarter rose 42% to $334.5 million from $235.3 million last year.

Analysts polled by Thomson Reuters expected earnings of $0.20 per share on revenues of $319.08 million. Analysts' estimates typically exclude one-time items.

Total users rose to 5.4 million and paid subscribers grew 77% over previous year to 1.8 million, the company said.

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