CRSR - Corsair Gaming: Q1 Weakness Expected To Subside

2024-05-31 23:54:58 ET

Summary

• Corsair reported slow growth in Q4, which turned into negative growth in Q1 as component sales declined with a weak GPU sales cycle.
• The peripheral segment showed great momentum in Q1 though, outpacing publicly traded peers in growth.
• Corsair's 2024 guidance expects gradual improvements, relying on new product launches, retail expansion, and seemingly on continued peripheral segment momentum.
• The long-term growth story still stands, but the continued thin margins and component sales worries slightly lower my anticipations. As such, the lower valuation continues to be balanced.

Corsair Gaming ( CRSR ), the gaming and streaming component and peripheral manufacturer, has reported several its Q4/2023 and Q1/2024 results after my previous analysis, and given the company’s 2024 financial guidance....

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