By Stephen Nakrosis
Shares of Corsair Gaming Inc. were down in Thursday’s late trading session after the company said first-quarter revenue was lower than expected.
At 4:43 p.m. ET, shares were trading 12.1% lower at $16.11. The stock finished the day’s regular session with a 5.27% loss, closing at $18.32.
After the bell, Corsair said its preliminary unaudited revenue was about $380 million. In the year-ago period, the gaming gear company reported revenue of $529.4 million.
«Revenue was lower than we expected, mainly due to a short-term slowdown in consumer spending in Europe,» said Andy Paul, chief executive. «As is now becoming generally apparent, inflation is higher than expected and the Russia and Ukraine conflict has put a strain on consumer confidence,» he added.
He also said «we were not expecting to show growth over the most recent Q1 2021 since that quarter contained stimulus checks and pent-up demand due to product shortages.»
Write to Stephen Nakrosis at [email protected]
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