Corsair Gaming soars to 1-year high on reaffirmed revenue forecast, Q1 beat

Corsair Gaming

11/05/2023 16:47

** Shares of computer component seller Corsair Gaming Inc 
 CRSR.O  rise 10.9% to $19.41, hitting their more than one-year
high
    ** Co reiterates 2023 outlook
    ** Expects FY23 revenue in range of $1.35 bln to $1.55 bln
vs analysts' expectations of 1.47 bln
    ** Reports Q1 revenue of $353.96 mln, beating analysts'
estimates of $352.21 mln on benefits from cost controls and
improvement in freight costs and tariffs
    ** Posts Q1 adj. earnings of 11 cents per share vs 
estimates of 10 cents per share
    ** Brokerage Barclays raises stock's PT to $21 from $19;
Stifel lifts to $19 from $18  
    ** Three of eight analysts rate the stock "buy" or higher,
five rate it at "hold"; median PT $19 – Refinitiv data
    ** Including session gains, stock has risen 43.3% YTD

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))