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Turtle Beach Reports Record Third Quarter 2020 Results And Raises Full-Year Outlook
WHITE PLAINS, N.Y., Nov. 5, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory provider, reported record
About this update from Turtle Beach Corporation
[{"type":"text","content":"WHITE PLAINS, N.Y., Nov. 5, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory provider, reported record financial results for the third quarter ended September 30, 2020. \n\n \n \n \n \n \n \n\n \nThird Quarter Summary vs. Year-Ago Quarter:\nNet revenue increased 141% to $112.5 million ($111.5 million in constant currency); Gross margin increased 880 basis points to 41.0%; Net income increased significantly to $17.8 million, or $1.04 per diluted share, compared to a net loss of $3.1 million, or $(0.22) per diluted share; and Adjusted EBITDA increased to $27.6 million compared to $0.3 million.Management Commentary\n\"Our blistering sales momentum continued in the third quarter, as a combination of strong consumer demand for headsets, further market share gains driven by our leading products and brand, superior execution, and our ability to leverage operating expenses drove results that were by far the best third quarter results we have ever achieved,\" said Juergen Stark, CEO of Turtle Beach. \"We are extremely proud of what our team has accomplished in recent months under challenging conditions. What is most encouraging is that we believe the strong underlying demand continues to be 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 continue to buy headsets for at-home work, school and socializing. All of this sets us up nicely for the holiday season and for 2021.\"\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. We expect this demand will continue, especially with the investments we are making in our PC portfolio as evidenced by the new products we've launched the past few months.\n\"As a result of the performance in the third quarter and our belief that demand will remain at elevated levels through the end of the year, and with the launch of the next generation Xbox and PlayStation consoles later this month, we are confident that our results this year will exceed our previous forecasts for both revenue and EBITDA. We've stepped-up our investments to capitalize on new opportunities and, with the integration of the ROCCAT acquisition going...