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Mohamed Mohamoud

Author and the owner of idman news

January 18, 2022

Idman news

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Corsair stock falls as supply-chain issues hurt sales


Corsair Gaming Inc. shares fell in the extended session Thursday after the videogame peripheral maker said supply-chain problems and a shortage of gaming cards are hurting sales.

Corsair
CRSR,
+2.43%

shares fell 7% after hours, following a 2.4% gain to close the regular session at $26.98.

The company said that it still sees “2021 as a strong growth year” and is “several years ahead of our growth expectations before our IPO in 2020,” but that sales will be less than expected.

“Despite this backdrop of growth, we believe that our 2021 net revenue has been held back at least 10% by global logistics and supply-chain issues, especially by the lack of affordable GPUs in the retail channel,” said Andy Paul, Corsair chief executive, in a statement.

“After a slower start to the third quarter of 2021, we have seen a return to more typical seasonal ordering with September being the strongest month in the quarter,” Paul said.

The company expects third-quarter revenue of about $391 million, while analysts surveyed by Factset had forecast $485.2 million.

For the year, Corsair expects annual sales of $1.83 billion to $1.93 billion. Analyst had estimated $2.05 billion.

Corsair is scheduled to report its third-quarter results on Nov. 2.



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