Why Corsair Gaming Fell More Than 11% Today
Shares of Corsair Gaming (NASDAQ: CRSR) were down 11.8% today, even worse than the terrible performance of the overall market. The plunge comes on the heels of yesterday's after-hours announcement of Corsair's first-quarter earnings release date, May 5. However, in that same press release, the company also announced preliminary unaudited financial results, which came in lower than expected.
With consumers appearing to be pulling back their spending on physical goods and venturing out of the house, it's perhaps no wonder a gaming hardware company like Corsair is feeling the pinch.
Corsair now estimates first-quarter revenue of $380 million and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) between $14 million and $15 million. CEO Andy Paul said in a press release:
Source Fool.com
