Corsair Gaming plunges after weak Q2 rev outlook, gaming PC market warning

Corsair Gaming

19/07/2024 15:36

** Shares of Corsair Gaming  CRSR.O  fall as much as 16.5%
to record low $8.12 early Fri after co released preliminary rev
guidance and warned on high-end gaming PC market
    ** CRSR shares on Thurs fell 5.1% to $9.72, a record low
close
    ** Late Thurs, computer component provider said expects
preliminary Q2 rev of $261 mln and will release results and
financial outlook on Aug 1 after the bell
    ** “The market for high-end self-built gaming PCs continues
to be softer than expected as we are seeing consumers waiting
for new GPUs to be launched at year-end," CEO Andy Paul said in
the statement
    ** Avg analyst estimate for Q2 rev was ~$334 mln, per LSEG
data
    ** Of 7 analysts covering CRSR, 2 rate "strong buy", 2 rate
"buy", rest have "hold" recommendations and their median PT is
$16
    ** CRSR shares last down 14.4% at $8.32 on Fri, extending
YTD loss to 41%
    ** Stock well off its Nov 2020 intraday record high of
$51.37

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))