Corsair Gaming rises on upbeat Q4 results

Corsair Gaming

10/02/2023 13:18

** Shares of computer component seller Corsair Gaming Inc
 CRSR.O  rise 8.13% to $16.35 before the bell
    ** Stock on track to open at its highest in a week
    ** CRSR reports better-than-expected Q4 rev of $398.7 mln vs
analysts' expectations of $379.3 mln - Refinitiv
    ** Reports Q4 adj EPS of 20 cents, beating Wall Street's
consensus of 16 cents
    ** CFO Michael G. Potter notes shipping costs, which were a
headwind for most of the year, declined over 70% in Q4 vs the
start of 2022
    ** Co sees FY23 rev in range of $1.35-1.55 bln vs estimates
of $1.50 bln; says does not expect revenue to be affected by
negative inventory trends in 2023
    ** Three of seven brokerages rate the stock 'buy' or higher,
rest rate it 'hold'; their median PT is $16     
    ** Up to last close, stock had risen 11% YTD; stock lost 35%
of its worth in 2022
 (Reporting by Shashwat Chauhan in Bengaluru)
 ((Shashwat.Chauhan@thomsonreuters.com;))