Why Corsair Gaming Stock Is Plunging After Hours

Corsair Gaming Inc CRSR shares are trading lower in Thursday’s after-hours session after the company provided preliminary second-quarter results.

Corsair Gaming said preliminary unaudited revenue totaled approximately $284 million in the second quarter. The company anticipates an adjusted EBITDA loss between $10 million and $11 million.

“The first half of the year has been a challenging time, as we expected, with macro-economic headwinds affecting consumer spending on gaming gear, especially in Europe. This has caused a buildup of inventory both in our warehouses as well as in the retail channel, thus causing our channel partners to delay ordering while they clear this excess,” said Andy Paul, CEO of Corsair.

Corsair said it believes the self-built gaming PC market will begin to accelerate in the second half of 2022, followed by even stronger activity in 2023. 

Corsair will report second-quarter financial results on Aug. 4.

See Also: Seagate Technology Shares Plunge On Q4 Earnings Miss, Weak 1Q Outlook

CRSR Price Action: Corsair has traded between $30.99 and $12.23 over a 52-week period.

The stock was down 10.3% in after hours at $12.99 at press time, according to data from Benzinga Pro.

Photo: 11333328 from Pixabay.

Image and article originally from www.benzinga.com. Read the original article here.