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Corsair Gaming Reports Q2 2024 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 products for gamers, streamers, content-creators, and gaming PC builders, today announced financial results for the second quarter ended June 30, 2024, and its updated financial outlook for the full year 2024.\n\n\nSecond Quarter 2024 Select Financial Metrics\n\n\n\nNet revenue was $261.3 million compared to $325.4 million in the second quarter of 2023, a decrease of 19.7%. Gaming Components and Systems segment net revenue was $167.1 million compared to $246.7 million in the second quarter of 2023, while Gamer and Creator Peripherals segment net revenue was $94.2 million compared to $78.8 million in the second quarter of 2023.\n\n\n\nNet loss attributable to common shareholders was $29.6 million, or a net loss of $0.28 per diluted share, compared to net income of $1.1 million, or a net income of $0.01 per diluted share, in the second quarter of 2023.\n\n\n\nAdjusted net loss was $6.8 million, or an adjusted net loss of $0.07 per diluted share, compared to adjusted net income of $9.8 million, or an adjusted net income of $0.09 per diluted share, in the second quarter of 2023.\n\n\n\nAdjusted EBITDA was a loss of $1.2 million, compared to adjusted EBITDA of $17.8 million in the second quarter of 2023.\n\n\n\nCash and restricted cash was $94.6 million as of June 30, 2024.\n\n\n\nFirst Half 2024 Select Financial Metrics\n\n\n\nNet revenue was $598.6 million compared to $679.4 million in the first six months of 2023, a decrease of 11.9%. Gaming Components and Systems segment net revenue was $397.4 million compared to $511.7 million in the first six months of 2023, while Gamer and Creator Peripherals segment net revenue was $201.2 million compared to $167.7 million in the first six months of 2023.\n\n\n\nNet loss attributable to common shareholders was $42.1 million, or a net loss of $0.41 per diluted share, compared to net income of $43 thousand, or a net income of $0.00 per diluted share, in the first six months of 2023.\n\n\n\nAdjusted net income was $2.7 million, or an adjusted net income of $0.03 per diluted share, compared to adjusted net income of $21.8 million, or an adjusted net income of $0.20 per diluted share, in the first six months of 2023.\n\n\n\nAdjusted EBI...