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Corsair Gaming to Report Q1 2022 Financial Results on May 5; Company Provides Preliminary Q1 2022 Results
FREMONT, Calif., April 21, 2022 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (Nasdaq:CRSR) (“Corsair” or the “Company”), a leading global provider and innovator
About this update from Corsair Gaming, Inc.
[{"type":"text","content":"FREMONT, Calif., April 21, 2022 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (Nasdaq:CRSR) (“Corsair” or the “Company”), a leading global provider and innovator of high-performance gear for gamers and content creators, today announced it will report its full financial results and hold its first quarter 2022 conference call at 3:00 p.m. Pacific Time on May 5, 2022. The Company also announced today its preliminary unaudited revenue was approximately $380 million, with preliminary unaudited adjusted EBITDA expected to be between $14 million to $15 million, for the quarter ended March 31, 2022. Andy Paul, Chief Executive Officer of Corsair, commented, “We are pleased that our preliminary Q1 revenue increased 23% over the fiscal year first quarter prior to shelter at home, which was Q1 2020. This continues to demonstrate the long term growth for gaming products. We were also pleased to see continued gains in market share in many of our categories, which underscores our commitment to continued product innovation. We were not expecting to show growth over the most recent Q1 2021 since that quarter contained stimulus checks and pent-up demand due to product shortages. Having said that, our Q1 2022 revenue was lower than we expected, mainly due to a short-term slowdown in consumer spending in Europe. As is now becoming generally apparent, inflation is higher than expected and the Russia and Ukraine conflict has put a strain on consumer confidence. We are encouraged by many recent reports of GPU pricing falling and availability coming back to normal, and as we outlined in our investor day presentations, we expect that to result in a surge of self-built gaming PC activity in the second half of this year.” The foregoing forward-looking statements reflect our expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actual results may differ materially. The definition of adjusted EBITDA as used in this press release is included below under the heading “Use of Non-GAAP Financial Measures.” First Quarter 2022 Conference Call and Webcast InformationCorsair will release its first quarter 2022 results and financial outlook after the Nasdaq close on Thursday, May 5, 2022, with its management hosting a conference call to discuss results at 3:00 p.m. Pacific Time that same day. The 3:00 p.m. Pacifi...