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Sep 30, 2021
Corsair Q3 2021 Earnings Report
Reported decrease in revenue and profit due to global logistics and supply chain environment.
Key Takeaways
Corsair Gaming, Inc. reported a decrease in net revenue by 14.4% year-over-year, with net revenue of $391.1 million. Net income also decreased to $1.8 million, or $0.02 per diluted share, compared to $36.4 million, or $0.40 per diluted share, in the same period last year.
Net revenue was $391.1 million, a decrease of 14.4% year-over-year.
Gamer and creator peripherals segment net revenue was $139.3 million, a decrease of 13.8% year-over-year.
Gaming components and systems segment net revenue was $251.9 million, a decrease of 14.8% year-over-year.
Net income was $1.8 million, or $0.02 per diluted share, compared to net income of $36.4 million in the same period last year, or $0.40 per diluted share.
Revenue by Segment
Forward Guidance
Corsair adjusted its 2021 outlook based on the current conditions. For the full year 2021, the company expects net revenue to be in the range of $1.825 billion to $1.925 billion, adjusted operating income to be in the range of $180 million to $195 million, and adjusted EBITDA to be in the range of $190 million to $205 million.
Challenges Ahead
- Difficult sourcing and shipping environment impacted ability to pass costs to customers
- Good growth for 2021 constrained to closer to initial expectations for the year
- Difficult environment is expected to continue
- Increase in logistics costs over the already elevated rate in the second quarter
- Costs and shipping times are expected to remain elevated for the remainder of 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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