As we burn our way through another quarter of financial reporting, PC peripheral and accessory company Corsair is one of the latest on the block. Unfortunately, the company didn’t have a lot of good news to report in its key stats for its Q1 2022 earnings results. Not only did Corsair come up short against revenue expectations, but it also couldn’t put up a beat on earnings-per-share (EPS) against the estimates from Wall Street.
Corsair (CRSR) put out its Q1 2022 earnings results via its investor relations website on May 5, 2022. According to its results, the company was able to put up a revenue of around $380.7 million. This was against an expectation of $454.27 million which coincides with an early release Corsair put out in April forecasting poor results for the quarter. Where the story gets really hairy is in Corsair’s EPS. Corsair noted a number of business acquisitions on its Q1 2022 that muddled the numbers a bit. Ultimately, the non-GAAP numbers came out to around $0.09 per share, short against a range of expectations from around $0.19 to $0.21 per share.
The big picture behind Corsair’s Q1 2022 is pretty rough. The company has definitely seen better times than it is at currently. Even on its current earnings results, Corsair shares a stark difference between this quarter’s EPS and the same quarter in 2021.
“Adjusted net income per diluted share was $0.09 compared to $0.58 in the first quarter of 2021,” the report reads.
That means Corsair’s EPS saw a massive drop of around $0.49 over the course of the last year. In contract, the company has seen some grandiose previous years in which it picked up a plethora of recognizable brands, including competitive controller company SCUF Gaming, streaming equipment company Elgato, and premium PC builder Origin.
It will be interesting to see if Corsair can turn it around and use these premium brands alongside its own line of products to put up better upcoming quarters, but for right now, Q1 2022 ends up being a pothole on the company’s fiscal year.