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Jun 30, 2022
Corsair Q2 2022 Earnings Report
Corsair's financial performance declined due to macroeconomic headwinds and channel inventory correction.
Key Takeaways
Corsair Gaming, Inc. reported a decrease in net revenue to $283.9 million, in line with preliminary estimates, reflecting macroeconomic challenges and channel inventory adjustments. The company faced an operating loss of $55.0 million and a net loss per diluted share of $0.62. Despite these challenges, Corsair is implementing cost reduction measures and remains optimistic about long-term growth and innovation in the gaming hardware sector.
Net revenue was $283.9 million, aligning with preliminary estimates but down from $472.9 million year-over-year.
Operating loss was $55.0 million, a significant decrease compared to the operating income of $34.7 million in the same quarter last year.
Net loss per diluted share was $0.62, a decline from net income per diluted share of $0.28 in the second quarter of 2021.
The company is taking proactive measures to reduce operating expenses and manage inventory, expecting a demand recovery by year-end.
Revenue by Segment
Forward Guidance
For the full year 2022, Corsair expects net revenue to be in the range of $1.35 billion to $1.45 billion, adjusted operating income to be in the range of $35 million to $50 million, and adjusted EBITDA to be in the range of $50 million to $65 million.
Positive Outlook
- Net revenue to be in the range of $1.35 billion to $1.45 billion.
- Adjusted operating income to be in the range of $35 million to $50 million.
- Adjusted EBITDA to be in the range of $50 million to $65 million.
- Company expects demand for products to recover well as they finish the year.
- Company looks forward to an exciting 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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