Business
Turtle Beach Reports Record Second Quarter 2020 Results And Significantly Raises Full-Year Outlook
SAN DIEGO, Aug. 6, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, reported record financial results
About this update from Turtle Beach Corporation
[{"type":"text","content":"SAN DIEGO, Aug. 6, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, reported record financial results for the second quarter ended June 30, 2020. \n\n \n \n \n \n \n \n\n \nSecond Quarter Summary vs. Year-Ago Quarter:\nNet revenue increased 93% to $79.7 million ($80.1 million in constant currency); Gross margin increased 480 basis points to 36.7%; Net income increased significantly to $8.2 million, or $0.51 per diluted share, compared to a net loss of $2.4 million, or $(0.16) per diluted share; and Adjusted EBITDA increased to $12.9 million compared to $1.6 million.Management Commentary\"Our record-setting performance in the second quarter was driven by a combination of strong consumer demand for headsets, superior execution that allowed us to gain market share, and our ability to leverage operating expenses even as we invested in new growth initiatives,\" said Juergen Stark, CEO of Turtle Beach. \"We couldn't be prouder of what our team has accomplished in recent months under challenging conditions. What is most encouraging is that we believe the demand is not simply pulling sales forward that would otherwise have occurred later, but is also being driven by greater overall engagement of existing gamers as well as new and lapsed gamers joining the market as new gaming headset users. In addition, non-gamers are buying headsets for at-home work, school and socializing.\"\nStark added, \"The increase in demand is not limited to console gaming, as we saw strong increases in our award-winning ROCCAT line of PC mice, keyboards and headsets in the quarter, which we expect will continue, especially with the investments we are making in our PC portfolio.\n\"As a result of the performance in the second quarter and our belief that demand will remain at elevated levels through the end of the year, we are confident that our results this year will significantly exceed our earlier forecasts for both sales and EBITDA. We've stepped-up our investments to capitalize on new opportunities and, with the integration of the ROCCAT acquisition going well, the excellent team we have here, and our strong continued execution, we will continue to take actions to enable and drive further expansion and growth.\"\nSecond Quarter 2020 Financial ResultsNet revenue in the second quarter of 2020 increased 9...