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Mar 31, 2024
Corsair Q1 2024 Earnings Report
Corsair reported financial results for the first quarter ended March 31, 2024, with Gamer and Creator segment achieving 20% year-over-year revenue growth and a record 40% gross margin.
Key Takeaways
Corsair Gaming, Inc. announced its Q1 2024 financial results, reporting a net revenue of $337.3 million. The Gamer and Creator Peripherals segment experienced a 20% year-over-year revenue increase. The company's gross margin reached a record 40%.
Net revenue was $337.3 million, compared to $354.0 million in the first quarter of 2023.
Net loss attributable to common shareholders was $12.5 million, or a net loss of $0.12 per diluted share.
Adjusted net income was $9.5 million, or $0.09 per diluted share.
Adjusted EBITDA was $18.0 million.
Revenue by Segment
Forward Guidance
Corsair reiterated its financial outlook for the full year 2024, expecting revenue growth to improve, along with further improvement in adjusted EBITDA, margin, and stable shipping costs.
Positive Outlook
- Net revenue to be in the range of $1.45 billion to $1.60 billion.
- Adjusted operating income to be in the range of $92 million to $112 million.
- Adjusted EBITDA to be in the range of $105 million to $125 million.
- New products driving healthy peripherals growth.
- Market share gains and margin expansion driven by new products.
Challenges Ahead
- Challenges such as increased freight costs stemming from turmoil in the Red Sea.
- Resulting delays necessitating incremental air-shipments.
- Demand was more subdued in the component market.
- Current macroeconomic conditions, including the impacts of high inflation and risk of recession
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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