Corsair Gaming (CRSR) stock drops on weaker Q2 revenue – Capital.com

Gaming accessory maker’s stock drops on weaker preliminary Q2 revenue – Photo: Shutterstock

A PC gaming accessories maker’s stock tumbled as preliminary second-quarter revenue was weaker than expected with computer sales seen to be declining this year.

Founded in 1994, Corsair Gaming’s (CRSR) product range includes personal computer (PC) cases, gaming peripherals, PC memory sticks and PC cooling hardware aimed at gamers, content creators, and PC enthusiasts.

In pre-market US trading on Friday the stock was down 10%. For the year to date the stock is down 34%.

Corsair Gaming (CRSR) stock

Corsair Gaming

“Overall, we believe the self-built Gaming PC market will begin to accelerate in the second half of 2022 and with new higher power GPUs launching during the same period, we expect even stronger activity in 2023.”

The company will release its full second-quarter earnings on 4 August.

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PC market slump

Research firm Gartner recently released its prediction for consumer PC sales, with shipments expected to decline 13% this year. Total PC shipments are seen as declining 9.5% overall.

“A perfect storm of geopolitics upheaval, high inflation, currency fluctuations and supply chain disruptions have lowered business and consumer demand for devices across the world and is set to impact the PC market the hardest in 2022,” Gartner senior director analyst Ranjit Atwal said in a statement.

Gaming consolidation

On the software side, the videogame world has seen two billion-dollar deals so far this year, as the industry starts to consolidate.

Earlier this year Microsoft (MSFT) stunned the gaming world with the surprise acquisition of videogame maker Activision Blizzard (ATVI) for $68bn (£50.6bn, €60.6bn) – the biggest deal in the Redmond, Washington-based firm’s history.

Microsoft (MSFT) stock

Source: https://capital.com/corsair-gaming-crsr-stock-drops-on-weaker-q2-revenue

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