Corsair Gaming plunges on prelim Q1 revenue miss

Corsair Gaming

22/04/2022 11:07

** Video game hardware maker's shares  CRSR.O  down 13.8% at
$15.80 premarket
    ** Posts preliminary Q1 revenue of about $380 mln, well
under estimates of $433.5 mln - Refinitiv
    ** CEO says Q1 revenue was lower than co expected due to a
short-term slowdown in consumer spending in Europe and as
consumer confidence was strained by higher-than-expected
inflation and Russia-Ukraine conflict
    ** D.A. Davidson says near-term results are likely to be
muddied by forces impacting the sector, cuts PT to $30 from $36,
still implying an upside of 63.8% to stock's last close
    ** However, co says it expects a surge of self-built gaming
PC activity in the second half of this year
    ** Up to last close, stock had fallen ~13% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com;))