Corsair Gaming (CRSR) Stock Falls 6% Following Weak Preliminary Q3 Results and Updated 2021 Guidance

October 14, 2021 5:51 PM EDT

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Corsair Gaming, Inc. (NASDAQ: CRSR) shares were trading around 6% lower after-hours following the company’s reported weaker-than-expected preliminary Q3 results and updated 2021 outlook. The Q3 earnings will be released on November 2, 2021.

According to Andy Paul, the CEO of Corsair, the company expects Q3 net revenue to be approximately $391 million and full 2021-year net revenue to range from $1.825 billion to $1.925 billion. This falls below the consensus of $484.11 million and $2.08 billion, respectively.

According to Paul, the company continues to see 2021 as a strong growth year over the exceptional results from 2020, being several years ahead of its growth expectations before its 2020 IPO. Despite this backdrop of growth, Paul believes the company’s 2021 net revenue has been held back at least 10% due to global logistics and supply chain issues, particularly due to the lack of affordable GPUs in the retail channel.

After a slower start to Q3, the company has seen a return to more typical seasonal ordering, marked by September being the strongest month in the quarter.

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