Corsair Gaming (NASDAQ: CRSR) reported that revenue for the third quarter ending September 30, 2022 was down 20% to $312 million. For the first nine months of fiscal 2022 revenue was down 30% to $976 million. Corsair reported a net loss of $6.2 million for the quarter.
Analysis
Like many hardware companies, the past year has been tough for Corsair. However, the company beat both revenue and earnings estimates and came in better than expected (the company showed a Non-GAAP income of $7.6 million). These results came after a weak second quarter.
Corsair specializes in providing components for high-end PCs that are built by consumers. This market has been held back the past two years by the high cost and shortage of gamer GPUs. The GPU shortage has eased and most importantly Nvidia just launched the first products in the RTX 40 series last month.
Corsair claims the United States has recovered in terms of consumer sales levels. However, Europe continues to struggle with high prices and concerns over the war in the Ukraine. There is also the challenge of the U.S. dollar being strong against other currencies.
For the full year, 2022 Corsair expects revenue to be between $1.325 billion and $1.375 billion. Revenue in 2021 was $1.9 billion with 2020 revenue at $1.7 billion. Â
