Corsair Gaming reports preliminary Q2 revenue $261M, consensus $320M

Andy Paul, CEO, stated, “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. This has been somewhat offset by good activity in the entry-level market where gamers are using lower-cost GPUs and CPUs, but the net effect of this has been to lower market ASPs for some of the component categories we sell. Channel inventory has generally been reduced for our products, and so during Q2 we sold into the channel substantially less than was sold out to consumers. Overall in the Gaming Components and Systems segment, this resulted in disappointing results for revenue and margins, but we do expect this to recover in the second half of 2024 and 2025. We are pleased to see the market for gaming peripherals continue to show growth, with the most recent U.S. market data showing revenue from those product categories to be approximately 75% higher compared to pre-Covid time periods and up 5% from last year. Our Gamer and Creator Peripherals segment once again grew by 20% year-over-year, for the third consecutive quarter with good margin growth year-over-year. Much of this is coming from exciting new products such as PC controllers, custom keyboards and teleprompters.”