Q2 2024 Corsair Gaming Inc Earnings Call Transcript
Key Points
- The gamer and creator segment showed strong growth with a 19.6% increase in revenue year over year.
- Corsair Gaming Inc (CRSR) launched successful new products, including the K65 wireless keyboard, which became a best-seller in the US.
- The company is expanding into new markets, such as Sim Racing, and is interested in acquiring the Sim Racing brand Fanatec.
- Corsair Gaming Inc (CRSR) has a strong market share in components and memory businesses, maintaining leadership in most categories.
- The company expects a strong second half of the year due to normal seasonality and new product introductions.
- Q2 2024 net revenue decreased to $261.3 million from $325.4 million in Q2 2023, reflecting a challenging quarter.
- The gaming components and systems segment experienced a significant year-on-year revenue drop of 32%.
- Gross margin decreased to 24.1% from 25.5% in Q2 2023, impacted by lower sales volumes and fixed costs.
- The company reported a GAAP operating loss of $24.7 million in Q2 2024, compared to a loss of $2.7 million in Q2 2023.
- Corsair Gaming Inc (CRSR) had to implement cost-saving measures, including reducing approximately 100 employees, to align with reduced sales levels.
Good afternoon, everyone, and welcome to Corsair Gaming's second quarter 2024 earnings conference call. As a reminder, today's call is being recorded, and your participation implies consent to such recording. (Operator Instructions)
With that, I would now like to turn the call over to Ronald van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you. Sir, please go ahead.
Thank you. Good afternoon, everyone, and thank you for joining us for Corsair's financial results conference call for the second quarter ended June 30, 2024. On the call today, we have our Corsair's CEO, Andy Paul; and CFO, Michael Potter. Andy will review highlights from the quarter and Michael will then review the financials and our outlook. We will then have time for any questions.
Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results
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