Why Corsair Gaming Stock Is Soaring Today
Corsair Gaming (NASDAQ: CRSR) stock is posting strong gains Thursday. The gaming peripherals company's share price was up roughly 9.3% as of 3 p.m. ET, according to data from S&P Global Market Intelligence.
Corsair published its first-quarter earnings results after the market closed on May 10, and the company's share price is bounding following stronger-than-expected sales in the quarter. While the company's non-GAAP (adjusted) earnings per share were in line with the average analyst estimate, sales for the period came in significantly higher than anticipated. The company posted revenue of roughly $354 million in the period, topping Wall Street's target of $350 million in sales.
While Corsair's revenue fell roughly 7% year over year in Q1, it still came in significantly above what the market had anticipated. Corsair's business posted very strong sales in 2021 amid pandemic-driven tailwinds, but business performance has been a bit lumpy recently. Now it looks like the company might be on course to get back to posting revenue growth.
Source Fool.com
