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Corsair Gaming Reports First Quarter 2023 Financial Results
MILPITAS, Calif.--(BUSINESS WIRE)-- Corsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of
About this update from Corsair Gaming, Inc.
[{"type":"text","content":" MILPITAS, Calif.--(BUSINESS WIRE)--\nCorsair Gaming, Inc. (Nasdaq: CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of high-performance gear for gamers, streamers, content-creators, and gaming PC builders, today announced financial results for the first quarter ended March 31, 2023.\n\n\nFirst Quarter 2023 Select Financial Metrics\n\n\n\nNet revenue was $354.0 million compared to $380.7 million in the first quarter of 2022. Gaming components and systems segment net revenue was $265.0 million compared to $246.5 million in the first quarter of 2022, while Gamer and creator peripherals segment net revenue was $88.9 million compared to $134.1 million in the first quarter of 2022.\n\n\n\nNet loss attributable to common shareholders was $1.1 million, or $0.01 per diluted share, compared to a net loss of $5.1 million, or $0.05 per diluted share, in the first quarter of 2022.\n\n\n\nAdjusted net income was $11.9 million, or $0.11 per diluted share, compared to adjusted net income of $9.2 million, or $0.09 per diluted share, in the first quarter of 2022.\n\n\n\nAdjusted EBITDA was $20.6 million, compared to $15.4 million in the first quarter of 2022.\n\n\n\nCash and cash equivalents were $182.1 million as of March 31, 2023.\n\n\n\nAndy Paul, Chief Executive Officer of Corsair, stated, “We are off to a strong start to 2023 with a 33% improvement in adjusted EBITDA compared to the year ago period. We are thrilled to see that enthusiast-level consumers continue to build new gaming PCs at a rate significantly above pre-pandemic levels. Recent third party data shows that Corsair continues to gain and hold leading market share positions in most of our categories of components used in those builds. The broader market for gaming peripherals is also holding up at a level significantly above pre-pandemic levels, although slightly behind 2022 levels, most notably in Europe. During 2023 we started to ship many new innovative products, including our FLEX OLED bendable monitor, engineered in partnership with LG. With lower priced GPUs coming to market and exciting new game titles being released this year, we are confident that the gaming market will continue to grow off the higher recent levels and we believe that Corsair can continue to gain market share in many of the new categories we are entering.”\n\n\nMichael G. Potte...