Q3 2024 Corsair Gaming Inc Earnings Call Transcript
Key Points
- Corsair Gaming Inc (CRSR) anticipates a surge in high-end gaming PC builds in early 2025, driven by expected new GPU launches from NVIDIA.
- The company has shown 17% growth in its gaming peripherals segment year-to-date, outperforming market trends.
- Corsair Gaming Inc (CRSR) has launched several new products, including the Virtuoso Max headset and small form factor keyboards, which have received positive market feedback.
- The acquisition of Fanatec is expected to add approximately $20 million to Q4 2024 revenue and positions Corsair Gaming Inc (CRSR) in the growing sim racing market.
- Corsair Gaming Inc (CRSR) has been selected as the exclusive launch partner for the Call of Duty Black Ops Six title, enhancing its brand visibility and market reach.
- Corsair Gaming Inc (CRSR) reported a decrease in net revenue for Q3 2024 compared to Q3 2023, with a notable decline in the gaming components and systems segment.
- The company experienced a GAAP operating loss of $20.9 million in Q3 2024, compared to a smaller loss in the same quarter of the previous year.
- Gross margins decreased in the gaming components and systems segment, impacting overall profitability.
- Corsair Gaming Inc (CRSR) has revised its full-year 2024 adjusted EBITDA expectations downward, reflecting challenges in achieving previous financial targets.
- The company is facing a shift towards lower-margin products as consumers defer building higher-end systems, affecting overall gross profit.
Good afternoon and welcome to Corsair Gaming third quarter, 2024 earnings conference call. As a reminder, today's call is being recorded and your participation implies consent to such recording at this time. All participants are in listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press pound zero on your telephone keypad. With that. I would now like to turn the call over to Ronald Van Veen Corsair's Vice President of Finance and Investor Relations. Thank you, sir. Please begin.
Thank you.
Good afternoon, everyone and thank you for joining us for Corsair's financial results conference call for the third quarter ended September 30th 2024 on the call today, we have course CEO Andy Paul and CFO Michael Potter.
And we'll review highlights from the quarter. Michael will then review the financials and our outlook. We'll then have time for any questions before we begin. Allow me to
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