Corsair Gaming, Inc. - CRSR STOCK NEWS

Corsair Gaming (CRSR) reported Q2 2024 financial results, showing a 19.7% decrease in net revenue to $261.3 million compared to Q2 2023. The company experienced a net loss of $29.6 million, or $0.28 per diluted share. Adjusted EBITDA was a loss of $1.2 million. The Gaming Components and Systems segment saw a significant decline, while the Gamer and Creator Peripherals segment grew by 19.6% year-over-year.

CEO Andy Paul attributed the disappointing results to a softer-than-expected self-built PC market. The company expects a market refresh cycle to start later than initially anticipated, likely influenced by upcoming GPU launches and game releases. Corsair updated its 2024 outlook, projecting net revenue between $1.25 billion to $1.35 billion and adjusted EBITDA of $60 million to $75 million.

Corsair Gaming (NASDAQ: CRSR) has announced its Q2 2024 financial results will be reported on August 1, with preliminary unaudited revenue of approximately $261 million. The company faces challenges in the high-end gaming PC market due to consumers awaiting new GPU launches, partially offset by activity in the entry-level market. This has led to lower market ASPs for some component categories.

Despite disappointing results in the Gaming Components and Systems segment, Corsair expects recovery in H2 2024 and 2025. The Gamer and Creator Peripherals segment grew by 20% year-over-year for the third consecutive quarter, driven by new products like PC controllers, custom keyboards, and teleprompters. The gaming peripherals market shows growth, with U.S. market data indicating revenue approximately 75% higher compared to pre-Covid periods and up 5% from last year.

Corsair (Nasdaq: CRSR) has announced a strategic partnership with TD SYNNEX, a major global IT distributor. This collaboration aims to enhance customer relations by delivering tailored solutions, superior customer support, and consistent communication to meet evolving needs. Matthew Droeg, Managing Director at Corsair for Business, highlighted that TD SYNNEX would help bring Corsair’s advanced products to business clients. Corsair for Business offers high-performance workstations, peripherals, and broadcasting tools, particularly suited for AI and high-computing applications. In addition, Corsair provides TAA-compliant products and market-leading Esports hardware, catering to enterprise, education, and public sector B2B IT channels. Scott Young, SVP of Product Management at TD SYNNEX, emphasized that this partnership will expand their vendor portfolio and enable customers to achieve more through technology.

CORSAIR (Nasdaq: CRSR) unveiled a new vision for the sim racing community at Computex, introducing a prototype modular sim racing cockpit. Leveraging 30 years of gaming and engineering expertise, CORSAIR aims to make sim racing more accessible globally through its extensive production and distribution channels. The versatile cockpit offers significant adjustability, transitioning from a semi-reclined to an upright position, catering to various racing styles. Built with a robust steel frame, it ensures minimal flex and maximum stability, even with high-torque wheelbases and heavy-duty pedal sets. This innovation underlines CORSAIR's commitment to quality and performance in the sim racing market. The product is set to launch later this year.

Corsair (Nasdaq: CRSR) announced the launch of Corsair Custom Lab at Computex, an innovative custom configurator for gaming gear. Corsair Custom Lab allows gamers to personalize their equipment, ranging from colorful mice to custom-designed keyboards, ensuring both aesthetic appeal and durability. This new feature enables users to craft gaming setups that are a true reflection of their personality and style. Corsair Custom Lab promises the same high-quality performance as all Corsair products, with quick order curation and shipping. This initiative aims to blend functionality with individual expression in gaming peripherals.

SCUF Gaming, under Corsair (Nasdaq: CRSR), has introduced SCUF Nomad, a Bluetooth controller for mobile gaming, designed for iPhone users. Nomad incorporates SCUF's ergonomic design and performance features, inspired by competitive gaming controllers. These features include contoured grips, full-size triggers, precise thumbsticks, and anti-drift Hall effect components. Notable innovations, like rear paddles, provide enhanced speed and control. The Nomad controller is accompanied by a free iOS app, enabling customizable profiles, game launching, and gameplay sharing. Available for pre-order from May 30, 2024, at $99.99, Nomad supports iOS 16+ and initially launches in black, with more colors expected.

Corsair Gaming (Nasdaq: CRSR), a top provider of high-performance gaming products, will be presenting at several key investor conferences.

On May 29, 2024, the company will participate in TD Cowen’s 52nd Annual Technology, Media & Telecom Conference in New York City.

This will be followed by Stifel’s 2024 Cross Sector Insight Conference on June 4, 2024, in Boston, and Baird’s 2024 Global Consumer, Technology & Services Conference on June 5, 2024, in New York City.

CFO Michael G. Potter will lead the presentations, with live webcasts and replays available via Corsair's Investor Relations website. Additionally, the management team will engage in one-on-one and small group meetings with investors during these events.

Drop and Axel Grell have collaborated to create the Drop + Grell OAE1 Signature Headphones, redefining the audio experience with innovative design. The headphones feature a driver-forward, open-around-ear design that leverages the natural geometry of the ear for improved stereo imaging and a more realistic sound field. The product, priced at $349 for pre-order, is edition with only 1,000 pieces available.

CORSAIR (CRSR) announced exclusive negotiations to acquire sim racing specialist Endor AG, owners of Fanatec brand. CORSAIR will fund Endor's cash needs, restructure its €70M debt, and ultimately acquire it. The move aims to alleviate Endor's debt burden, fuel growth, and expand product offerings.