Corsair Gaming Updates Full Year 2020 Outlook
Net Revenue, Adjusted Operating Income and Adjusted EBITDA Expected to Exceed Prior Guidance
FREMONT, Calif., Nov. 30, 2020 (GLOBE NEWSWIRE) -- Corsair Gaming, Inc. (NASDAQ:CRSR) (“Corsair”), a leading global provider and innovator of high-performance gear for gamers and content creators, today announced it
expects full year 2020 net revenue, adjusted operating income and adjusted EBITDA to exceed the expectations Corsair provided on November 10, 2020.
“The positive momentum in our business continues to exceed our expectations in both of our business segments. In our Gaming and Creator segment, we continue to see strong sales in all price points, which we believe indicates that we have both new customers buying gear as well as existing customers refreshing and upgrading. The highest growth continues to be in our streaming products, as gamers want to share video content with their friends and fans. In our Components and Systems segment, we are also seeing continued enthusiasm to build new high end gaming PCs based on recently introduced high performance CPUs and GPUs. We are excited to see that more and more people are using our RGB components and accessories powered by our iCue software in these builds,” commented Andy Paul, Chief Executive Officer of Corsair. “Our recent announcements of our acquisition of Gamer Sensei and our partnership with Pipeline underscore our initiatives to build a meaningful coaching and training business inside Corsair. We believe this will further enhance our engagement level with gamers and content creators.”
Andy Paul continued, “For the full year 2020, which ends December 31, we now expect net revenue growth of approximately 50% to 52% and adjusted operating income growth of approximately 183% to 192%. We will provide more details when we report our fourth quarter results and provide full year 2021 guidance in February.”
Corsair is providing this update in advance of Corsair management participating in the Credit Suisse Technology Conference on Monday, November 30, 2020, and the Barclays Global Technology, Media and Telecommunications Virtual Conference on December 9, 2020. Interested parties can listen to a live webcast, as well as a replay, of Corsair’s investor relations website at https://ir.corsair.com.
For the full year 2020, we currently expect:
- Net revenue to be in the range of $1,651 million to $1,666 million.
- Adjusted operating income to be in the range of $186 million to $192 million.
- Adjusted EBITDA to be in the range of $194 million to $200 million.
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