Business
Turtle Beach Reports Second Quarter 2019 Results
SAN DIEGO, Aug. 8, 2019 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming accessory brand, reported financial results for the second
About this update from Turtle Beach Corporation
[{"type":"text","content":"SAN DIEGO, Aug. 8, 2019 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming accessory brand, reported financial results for the second quarter ended June 30, 2019. \n\n \nSecond Quarter Summary vs. Year-Ago Quarter (where applicable):\nNet revenue was $41.3 million ($42.0 million in constant currency) versus $60.8 million; Net loss of $2.4 million, or $(0.16) per share, compared to a net loss of $2.3 million, or $(0.17) per share; Adjusted EBITDA was $1.6 million compared to $9.8 million; and Repurchased approximately 156,000 shares for $1.5 million, or an average of $9.62 per share, as part of its $15 million share repurchase program, which was announced April 10, 2019.\"Our second quarter marked another period of strong relative consumer demand for our market-leading portfolio of gaming products,\" said Juergen Stark, CEO, Turtle Beach Corporation. \"As we look at the console market and our position during the first half of 2019, as well as our growing presence in the PC gaming accessories market, things are tracking close to what we laid out in our initial outlook for 2019. This year is shaping up to be the second biggest year ever for console gaming headsets, second only to last year, and is driven by many new gamers remaining in the market and joining the headset upgrade and replacement cycle. \n\"Turtle Beach continues to lead the console headset market. Our growth in the PC gaming accessories market is going well, with our PC gaming headsets market share increasing significantly.\n\"Since completing the acquisition at the end of May, our integration of ROCCAT into the Turtle Beach organization is proceeding well. We remain confident that the expertise of our ROCCAT PC team and the combination of their strong portfolio of PC gaming mice and keyboards, plus their PC gaming headsets and our own Atlas line of PC products, has us well-positioned to continue growing in this $2.9 billion market.\"\nSecond Quarter 2019 Financial Results\nNet revenue in the second quarter of 2019 was $41.3 million compared to $60.8 million in the year-ago quarter. While consumer demand remains significantly above historic levels, this decrease was the result of the expected decline in demand from the record levels in the prior year driven by Battle Royale games. On a constant currency basis, revenue in the second quarter of 2...