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Corsair Gaming Reports Second Quarter 2023 Financial Results; Beats Expectations; Reiterates Full Year Financial Outlook
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 second quarter ended June 30, 2023, and reiterated its financial outlook for the full year 2023.\n\n\nSecond Quarter 2023 Select Financial Metrics\n\n\n\nNet revenue was $325.4 million compared to $283.9 million in the second quarter of 2022, an increase of 14.6%. Gaming components and systems segment net revenue was $246.7 million compared to $194.9 million in the second quarter of 2022, while Gamer and creator peripherals segment net revenue was $78.8 million compared to $89.0 million in the second quarter of 2022.\n\n\n\nNet income attributable to common shareholders was $1.1 million, or net income of $0.01 per diluted share, compared to a net loss of $59.4 million, or a net loss of $0.62 per diluted share, in the second quarter of 2022.\n\n\n\nAdjusted net income was $9.8 million, or net income of $0.09 per diluted share, compared to adjusted net loss of $19.0 million, or a net loss of $0.20 per diluted share, in the second quarter of 2022.\n\n\n\nAdjusted EBITDA was $17.8 million, compared to a loss of $11.0 million in the second quarter of 2022.\n\n\n\nCash and cash equivalents were $184.0 million as of June 30, 2023.\n\n\n\nFirst Half 2023 Select Financial Metrics\n\n\n\nNet revenue was $679.4 million compared to $664.6 million in the first six months of 2022, an increase of 2.2%. Gaming components and systems segment net revenue was $511.7 million compared to $441.5 million in the first six months of 2022, while Gamer and creator peripherals segment net revenue was $167.7 million compared to $223.1 million in the first six months of 2022.\n\n\n\nNet income attributable to common shareholders was $43 thousand, or a net income of $0.00 per diluted share, compared to a net loss of $64.5 million, or a net loss of $0.68 per diluted share, in the first six months of 2022.\n\n\n\nAdjusted net income was $21.8 million, or net income of $0.20 per diluted share, compared to an adjusted net loss of $9.8 million, or a net loss of $0.10 per diluted share, in the first six months of 2022.\n\n\n\nAdjusted EBITDA was $38.3 million, compared to adjusted EBITDA of $4....