In the premarket session of Tuesday, shares of the leading global provider and innovator of high-performance gear for gamers and content creators, Corsair Gaming Inc. (CRSR) have dropped -5.8% to $27.3. Last trading session, CRSR stock closed at $28.98 with a slight decline of -0.72%. CRSR stock traded 3.0 million shares on the day, which is below the average daily trading volume of 3.57 million shares over the past 50 days. CRSR stock has fallen following the release of its quarterly results.
CRSR has performed well, how so?
CRSR Stock develops and manufactures high-performance gear and technology aimed at gamers, content creators and PC enthusiasts around the world. The entire portfolio of CRSR products allows everyone, from casual gamers to committed professionals, to perform at their best, from award-winning PC components and peripherals to high-definition streaming equipment and smart ambient lighting.
Today, Corsair Gaming announced financial results for the second quarter ending June 30, 2021.
A look at the CRSR’s Q2 2021:
- CRSR stock net revenue increased 24.3% year over year to $472.90 million.
- As of the end of Q2, CRSR had a gross profit of $130.4 million, an increase of 24.1% compared to a year ago, and a gross margin of 27.6%, a flat year-over-year figure.
- According to CRSR, its operating income in the second quarter was $34.7 million, a decrease of 4.7% over the year-ago period.
- CRSR’s adjusted operating income reached $49.3 million in the reported quarter, representing an increase of 3.9% versus last year.
- A net income of $27.7 million or $0.28 per diluted share was recorded by CRSR, up from a net income of $22.6 million or $0.26 per diluted share for the same period last year.
- Accordingly, the adjusted net income of CRSR was $35.7 million, or $0.36 per diluted share, versus $32.3 million last year, or $0.37 per diluted share.
- Adjusted EBITDA for CRSR rose 4.0% year-over-year to $51.6 million, while adjusted EBITDA margin decreased by 210 basis points to 10.9%.
- CRSR stock had $138.6 million in cash and restricted cash as of June 30, 2021, $48.6 million in revolving credit facility capacity, and $270.0 million in long-term debt.
- According to CRSR, the cash flow from operations decreased from $73.6 million in the same period last year to $31.6 million this year.
How has CRSR Stock been able to deliver?
Corsair Gaming (CRSR) saw a 24% increase in revenue year-over-year. Financial results reveal that the fundamentals of the CRSR business are still strong, with gamers purchasing and upgrading their gear even as entertainment outlets outside the home and travel have started opening up again. In spite of component shortages, such as graphics cards for gamers, logistical issues, and port delays, CRSR experienced growth in every category.
