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Corsair shares fall 12% after the announcement of the financial results for the first quarter of 2022

Corsair It looks like the year has started off on the wrong foot, and after announcing preliminary results for the first quarter of 2022 this weekend, the company’s shares came crashing down. 11.84%.

Indeed, Corsair revealed that its preliminary unaudited revenue for the first quarter was approximately $380 million, or approximately 28% less compared to Q1 2021, which is also a much lower figure than the $449.73 million it was estimated to come in this quarter. Regarding EBITDA (earnings before interest, tax, depreciation and amortization) figures, the company revealed that it will move between the 14 and 15 million dollarswhile in the first quarter of 2021, this figure was $80.4 million.

Corsair XENEON 32QHD165 Monitor

According to the company, the reasons for this drop in income are the conflicts in Russia and Ukraine, the slowdown in the European marketand that the increase in the cost of hardware and the lack of availability has also affected them, although of course in the first quarter the prices have come down a lot and there have been no problems with availability, it will be so time to see what happens next quarter.

“Our Q1 2022 revenue was lower than expected, primarily due to a short-term slowdown in consumer spending in Europe. As is becoming evident, inflation is higher than expected and conflict in Russia and Ukraine has tested consumer confidence,” said Andy Paul, CEO of Corsair.

“We are encouraged by many recent reports of GPU prices dropping and availability returning to normal, and as noted during our Investor Day presentations, we expect that this leads to an increase in GPU activity.” .”

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