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Corsair Gaming (NASDAQ: CRSR) is 3% more just after its fourth-quarter earnings report, where it beat expectations at the top and bottom and pointed to strong holiday sales.
Revenues fell by almost 22%, but that however, he was better than expected in a demanding quarter. Adjusted net income fell to $20.7 million from net income of $34.7 million a year ago.
Earnings before interest, taxes, depreciation and amortization were $32 million, down from $39.5 million in the prior-year period.
While those numbers were down year-over-year, they ended up carrying momentum into the first quarter, Chief Financial Officer Michael Potter noted, adding that shipping costs in the fourth quarter were down more than 70% from the start of the year, and delivery times in the supply chain continued to improve.
“Holiday sales in the fourth quarter of 2022 were strong across all market categories in Europe, and our total non-channel retail sales were well above pre-pandemic 2019 levels,” said CEO Andy Paul. “We benefited from the surge in demand in the PC gaming market driven by new GPU and CPU launches from Nvidia, AMD and Intel in late 2022, with more expected in Q1 2023.”
Revenue by segment: Gamer and Creator Peripherals, $117.8 million (down 33.4%); Gaming Components and Systems, $280.9 million (down 15.8%).
The company projects full-year revenue of $1.35 billion to $1.55 billion (compared to consensus for $1.54 billion), adjusted operating income of $75 million to $95 million and EBITDA of $90 million to $110 million.
Conference call at 5:00 PM ET.