Business
Corsair Gaming Reports Third Quarter 2023 Financial Results; 16.5% Revenue Growth Over Prior Year; Updates 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 third quarter ended September 30, 2023, and updated its financial outlook for the full year 2023.\n\n\nThird Quarter 2023 Select Financial Metrics\n\n\n\nNet revenue was $363.2 million compared to $311.8 million in the third quarter of 2022, an increase of 16.5%. Gaming components and systems segment net revenue was $272.8 million compared to $214.9 million in the third quarter of 2022, while Gamer and creator peripherals segment net revenue was $90.4 million compared to $96.8 million in the third quarter of 2022.\n\n\n\nNet loss attributable to common shareholders was $3.1 million, or net loss of $0.03 per diluted share, compared to a net loss of $8.9 million, or a net loss of $0.09 per diluted share, in the third quarter of 2022.\n\n\n\nAdjusted net income was $13.4 million, or net income of $0.13 per diluted share, compared to an adjusted net income of $7.6 million, or a net income of $0.08 per diluted share, in the third quarter of 2022.\n\n\n\nAdjusted EBITDA was $23.0 million, compared to $10.1 million in the third quarter of 2022.\n\n\n\nCash and restricted cash were $147.8 million as of September 30, 2023.\n\n\n\nFirst Nine Months 2023 Select Financial Metrics\n\n\n\nNet revenue was $1,042.6 million compared to $976.4 million in the first nine months of 2022, an increase of 6.8%. Gaming components and systems segment net revenue was $784.5 million compared to $656.4 million in the first nine months of 2022, while Gamer and creator peripherals segment net revenue was $258.1 million compared to $320.0 million in the first nine months of 2022.\n\n\n\nNet loss attributable to common shareholders was $3.0 million, or net loss of $0.03 per diluted share, compared to a net loss of $73.4 million, or a net loss of $0.77 per diluted share, in the first nine months of 2022.\n\n\n\nAdjusted net income was $35.1 million, or net income of $0.33 per diluted share, compared to an adjusted net loss of $2.2 million, or a net loss of $0.02 per diluted share, in the first nine months of 2022.\n\n\n\nAdjusted EBITDA was $61.3 million, compared to $14.5 million in the fir...