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Corsair (CRSR) Issues Preliminary Q3 Results, Trims Guidance

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Corsair Gaming, Inc. CRSR recently issued preliminary results for third-quarter 2021. It continues to be optimistic about 2021 results, given the consistent growth of gamers and streamers all over the country.

However, global logistics and supply-chain-related issues have affected the company’s 2021 net revenues by at least 10%. Although Corsair started its third-quarter 2021 slower, it returned to a robust ordering season, with September being the strongest month in the quarter.

For third-quarter 2021, the company anticipates net revenues of $391 million compared to $457.1 recorded in the prior-year quarter. The company has also updated the 2021 annual net revenue guidance to $1.8-$1.9 billion. The net revenue guidance was slightly down from the previous guidance of $1.9-$2.1 billion. Notably, Corsair plans to issue its 2021 adjusted operating income and adjusted EBITDA guidance with the third-quarter 2021 results.

Concerning this, CEO of Corsair, Andy Paul, has said, “We continue to see 2021 as a strong growth year over the exceptional results from 2020 and building on the acceleration of gamers and streamers buying gear for the first time or upgrading faster than in the past.”

Share Performance

Corsair has been benefiting from increased demand for gear upgrades in terms of PC gaming activities and video streaming setups. Also, focus on new product launches bodes well. In the previous quarters, the company launched several high-performance products such as SCUF-branded H1 customizable wired gaming headset, wireless mouse, haptic headset and many more.

Furthermore, expansion initiatives into new gear and services such as gaming PC peripherals, streaming accessories, pre-built as well as gaming PCs and laptops are encouraging. So far this year, the company has launched more than 75 new products.

Shares of Corsair have surged 23.6% in the past year, compared with the Zacks Gaming industry’s 21.4% growth.

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Zacks Investment Research

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Currently, Corsair carries a Zacks Rank #4 (Sell).

3 Gaming Stocks Worth Buying

A few better-ranked stocks in the same industry space include Boyd Gaming Corporation BYD, DraftKings Inc. DKNG and Accel Entertainment, Inc. ACEL, each sporting a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Boyd Gaming and DraftKings have a three- to five-year expected EPS growth rate of 40.8% and 5.2%, respectively.

Accel Entertainment’s 2021 earnings are expected to surge 957.1%.

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Corsair Gaming, Inc. (CRSR) : Free Stock Analysis Report

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