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Corsair Gaming to Report Q2 2022 Financial Results on August 4; Provides Preliminary Q2 2022 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 and content creators, today announced it will report its full financial results and hold its second quarter 2022 conference call at 2:00 p.m. Pacific Time on August 4, 2022. The Company also announced today its preliminary unaudited revenue was approximately $284 million, with preliminary unaudited adjusted EBITDA expected to be a loss between $10 million to $11 million, for the quarter ended June 30, 2022.\n\nAndy Paul, Chief Executive Officer of Corsair, commented, “The first half of the year has been a challenging time, as we expected, with macro-economic headwinds affecting consumer spending on gaming gear, especially in Europe. This has caused a buildup of inventory both in our warehouses as well as in the retail channel, thus causing our channel partners to delay ordering while they clear this excess.\n\nWe have already taken actions to mitigate this and made substantial progress during the quarter to reduce inventory levels. We have also proactively taken actions to reduce operating expenses and taken some reserves against potential inventory overhangs. We are pleased to see recent upticks in activity from enthusiasts looking to build gaming PCs, which use our component products, and GPU cards are now generally readily available at attractive prices. In addition, our Amazon Prime Day results showed a promising start to Q3 and the second half of 2022. Industry estimates for total Amazon Prime Day sales were up over 10% year-over-year, and Amazon sales for Corsair products during Prime week demonstrated very strong growth compared to last year, and in particular, components used to build gaming PCs showed sales growth of over 35%. We observed growth both in the U.S. and European markets.\n\nOverall, we believe the self-built Gaming PC market will begin to accelerate in the second half of 2022 and with new higher power GPUs launching during the same period, we expect even stronger activity in 2023. We will discuss this in more detail at our earnings release on August 4, 2022.”\n\nThe foregoing forward-looking statements reflect our expectations as of today's date. Given the number of risk factors, uncertainties and assumptions discussed below, actu...