Stock Track | Corsair Gaming's Stock Plunges After Disappointing Q3 Results and Weak Outlook

Stock Track11-07

Corsair Gaming, Inc. (CRSR) saw its stock price tumble in after-hours trading on Monday following the release of its third-quarter 2024 financial results. The company reported a net loss of $51.6 million, or $0.56 per share, missing analysts' expectations of a profit of $0.06 per share. Revenue declined 16.2% year-over-year to $304.2 million, although it beat the consensus estimate of $302.5 million.

The disappointing performance was primarily driven by a 26% revenue decline in Corsair's Gaming Components and Systems segment to $202.2 million, reflecting the end of the current GPU cycle and weaker demand. The company cited macroeconomic headwinds and industry challenges as the main factors behind the lackluster results.

On a more positive note, Corsair's Gamer and Creator Peripherals segment, which includes gaming keyboards, mice, and streaming equipment, saw revenue growth of 13% to $102 million. However, this was not enough to offset the weakness in the Gaming Components and Systems business.

In addition to the disappointing quarterly results, Corsair also lowered its full-year 2024 guidance. The company now expects adjusted operating income to be in the range of $28 million to $43 million, down from the previous guidance of $48 million to $63 million. Adjusted EBITDA is now projected to be between $40 million and $55 million, compared to the earlier estimate of $60 million to $75 million.

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Revenue declined 16.2% year-over-year to $304.2 million, although it beat the consensus estimate of $302.5 million.</p>\n\n<p>The disappointing performance was primarily driven by a 26% revenue decline in Corsair's Gaming Components and Systems segment to $202.2 million, reflecting the end of the current GPU cycle and weaker demand. The company cited macroeconomic headwinds and industry challenges as the main factors behind the lackluster results.</p>\n\n<p>On a more positive note, Corsair's Gamer and Creator Peripherals segment, which includes gaming keyboards, mice, and streaming equipment, saw revenue growth of 13% to $102 million. However, this was not enough to offset the weakness in the Gaming Components and Systems business.</p>\n\n<p>In addition to the disappointing quarterly results, Corsair also lowered its full-year 2024 guidance. 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(CRSR) saw its stock price tumble in after-hours trading on Monday following the release of its third-quarter 2024 financial results. 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