Corsair Gaming ( NASDAQ: CRSR ) is 3% higher in the immediate wake of its fourth-quarter earnings report , where it beat expectations on top and bottom lines and pointed to strong holiday sales.
Revenues fell nearly 22%, but that was still better than expected in a challenging quarter. Adjusted net income dropped to $20.7M from a year-ago net income of $34.7M.
Earnings before interest, taxes, depreciation and amortization came to $32M, down from $39.5M in the prior-year period.
While those figures fell year-over-year, they ended with momentum carrying into the first quarter, Chief Financial Officer Michael Potter noted, adding that shipping costs in Q4 declined over 70% from the start of the year, and supply chain lead times continued to improve.
"Q4 2022 holiday sales were strong in all market categories in both Europe and our overall retail sales out from the channel was substantially above pre-pandemic 2019 levels," said CEO Andy Paul. "We benefited from an uptick in demand in the Gaming PC market fueled by new GPU and CPU launches from Nvidia, AMD and Intel at the end of 2022, with more expected to roll out in Q1 2023."
Revenue by segment: Gamer and creator peripherals, $117.8M (down 33.4%); Gaming components and systems, $280.9M (down 15.8%).
The company's guiding to full-year revenue of $1.35B-$1.55B (vs. consensus for $1.54B), adjusted operating income of $75M-$95M and EBITDA of $90M-$110M.
Conference call to come at 5 p.m. ET .
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Corsair Gaming bumps 3% as holiday quarter tops forecasts