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Mar 31, 2023
Corsair Q1 2023 Earnings Report
Corsair reported first quarter 2023 financial results, showing a decrease in net revenue but an improvement in adjusted EBITDA compared to the same period last year.
Key Takeaways
Corsair's Q1 2023 results showed a decrease in net revenue to $354.0 million from $380.7 million in Q1 2022. However, the company improved its adjusted EBITDA by 33% year-over-year, reaching $20.6 million. The gaming components and systems segment grew, while the gamer and creator peripherals segment declined. Corsair is maintaining its full-year outlook for revenue and expects improved adjusted EBITDA.
Net revenue decreased to $354.0 million compared to $380.7 million in the first quarter of 2022.
Gaming components and systems segment net revenue increased to $265.0 million from $246.5 million year-over-year.
Gamer and creator peripherals segment net revenue decreased to $88.9 million from $134.1 million year-over-year.
Adjusted EBITDA increased to $20.6 million, a 33% improvement compared to $15.4 million in the first quarter of 2022.
Revenue by Segment
Forward Guidance
Corsair reiterated its outlook for the full year 2023, expecting revenue to be flat to slightly up compared to 2022, with an improvement in adjusted EBITDA.
Positive Outlook
- Net revenue for the full year 2023 is expected to be in the range of $1.35 billion to $1.55 billion.
- Adjusted operating income to be in the range of $75 million to $95 million.
- Adjusted EBITDA to be in the range of $90 million to $110 million.
- Expects an improvement for the full year 2023 in adjusted EBITDA led by an improvement in margin.
- Expects normalized shipping costs and continued tight operating expense controls.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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