Business
Turtle Beach Reports Strong First Quarter 2020 Results And Raises Full-Year Outlook
SAN DIEGO, May 7, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, reported financial results for the
About this update from Turtle Beach Corporation
[{"type":"text","content":"SAN DIEGO, May 7, 2020 /PRNewswire/ -- Turtle Beach Corporation (Nasdaq: HEAR), a leading gaming audio and accessory brand, reported financial results for the first quarter ended March 31, 2020. \n\n \n \n \n \n \n \n\n \nFirst Quarter Summary vs. Year-Ago Quarter:\nNet revenue was $35.0 million ($35.1 million in constant currency) versus $44.8 million; Net loss of $3.6 million, or $(0.25) per diluted share, compared to net income of $3.1 million, or $0.09 per diluted share; and Adjusted EBITDA was $(2.7) million compared to $4.3 million.Management Commentary\n\"During the first quarter, as consumers around the world stayed home to help contain COVID-19, we saw strong demand for our products including record-setting retail sales and significant market share gains in March, which drove results that exceeded our expectations across all key financial metrics,\" said Juergen Stark, CEO, Turtle Beach. \"Our headsets are also well-suited for learning and working remotely via video or audio conferencing, which we believe further increased demand. While we expect the increased demand for headsets may subside once stay-at-home measures are relaxed, we believe our sales for the year will exceed our prior forecast.\n\"According to NPD, U.S. retail sales of console headsets in the month of March for both the industry and for Turtle Beach were the highest ever, including in March of 2018, which was the start of the battle royale surge. The 39% increase in market sales for March partially offset the expected declines in January and February, resulting in total console gaming headset sales in the first quarter declining only 4% year-over-year. In addition to the industry's March surge in U.S. console headset sales, we gained over 500 basis points in revenue share in March, resulting in 57% growth in the U.S. retail sales of our headsets compared to March of 2019.\n\"We believe these results continue to be a testament to our strong brand, excellent products and our execution at retail. This is especially true in times like these, where retail, supply chain and operational execution can make a big difference both to us and to our retail partners.\n\"While it is not clear at this point how long this increased demand will continue, we now expect full year revenues, adjusted EBITDA and net income per diluted share to exceed our earlier forecasts. W...