Corsair is a PC hardware and peripheral group in a very strong position for 2021. The company presides over not only over a solid array of PC peripherals that includes brands like SCUF controllers and Elgato capture and streaming hardware, but it also features a wealth of laptop and desktop solutions like its recent 5000 desktop cases. All of this and more contributed to a very strong Q1 2021 earnings report for Corsair, on which the company raised its annual guidance for investors.
Corsair (CRSR)’s Q1 2021 earnings report was launched on its investor relations website on May 4, 2021, alongside a conference call focused on the quarter. Some highlights of the call included a quarterly net revenue of $529.4 million, a 71 percent increase year-to-year for the company. The gamer and creator peripheral segment alone contributed a net revenue of $175.9 million, a 131.9 percent increase year-to-year. Gaming components and systems also made up $353.9 million for a 51.9 percent year-to-year improvement. With this, Corsair was able to strengthen its balance sheet and reduce company debt by $28 million throughout the quarter.
Chief Executive Officer of Corsair Andy Paul had plenty of enthusiasm to share for Corsair’s strong Q1 performance.
“We are thrilled with our first quarter financial performance and strategic progress. End demand remained strong for our products and our new products such as the K65 mini RGB keyboard and Elgato’s new accessories debuted well. We introduced 29 new products in the first quarter and we expect this blistering pace of new product introduction to continue throughout the year with several brand new products still to come. Supplies of key components remain tight but we have been able to support our plans and will continue to work on this issue for the rest of the year. As a result of our stronger-than-expected first quarter performance and our current views for the rest of the year, we raised our 2021 annual guidance.”
It should really come as no surprise to why Corsair is doing so well. Over the previous year, players have been in a PC building and purchasing frenzy, of which which Corsair is a strong supplier with products like its recent 5000 series PC desktop cases. The company also presides over the Elgato line of streaming products. If the monthly State of the Stream stats from Twitch are any indication, streaming is more popular than ever, necessitating the hardware Elgato offers to get in and be part of the craze.
Nonetheless, despite any tightness on resources for PC components and peripherals, Corsair appears to be in strong position for 2021, especially as the PC building and streaming markets continue to remain intensely active throughout the year. Stay tuned for more Q1 2021 financial reporting out of gaming and technology companies just around the corner.