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Turtle Beach Reports Strong First Quarter 2021 Results And Raises Full-Year Outlook
WHITE PLAINS, N.Y., May 5, 2021 /PRNewswire/ -- Leading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the
About this update from Turtle Beach Corporation
[{"type":"text","content":"WHITE PLAINS, N.Y., May 5, 2021 /PRNewswire/ -- Leading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the first quarter ended March 31, 2021. \n\n \n \n \n \n \n \n\n \nFirst Quarter Summary vs. Year-Ago Quarter:\nNet revenue was $93.1 million, an increase of 166% compared to $35.0 million; Net income of $8.8 million, or $0.49 per diluted share, compared to net loss of $(3.6) million, or $(0.25) per diluted share; Adjusted EBITDA was $15.3 million, an increase of $18.0 million compared to $(2.7) million; and Cash flow from operations was $21.1 million, an increase of 20% compared to $17.5 million.Management Commentary\n\"We turned in another stellar performance in the first quarter, with sales, gross margin, net income and adjusted EBITDA all reaching record high levels for the first quarter,\" said Juergen Stark, CEO, Turtle Beach. \"Consumer demand for console headsets and PC gaming accessories remained at elevated levels, our category expansions are going well, and our operational excellence again allowed us to gain market share, leverage operating costs, and deliver better than expected results. \n\"The strong secular trends that make gaming such a great category continue. According to NPD, U.S. retail sales of console headsets in the first quarter continued at record levels. During the quarter, the overall console market in the US rose 60% in dollars while our retail sales exceeded that growth. US sales of PC headsets, keyboards, and mice rose more than 90% and we more than doubled that reflecting the impact of our expanding line of PC accessories1. \n\"We believe these results continue to underscore the strength of our brand, the innovation of our products and the superiority of our execution. Although a number of factors will drive a different phasing of our revenue this year, we believe the combination of our strong market share in console headsets, greatly expanded offering of PC gaming accessories and new product launches in several new categories will allow us to increase our annual sales and top a record 2020. In fact, we are raising our full year revenue and profit outlook to reflect the degree to which our first quarter results exceeded our prior outlook.\n\"As previously announced, we have multiple new product initiatives planned for 2021, including the continued si...