TURTLE BEACH Reports Fourth Quarter Fiscal Year 2022 Earnings Results on December 31, 2022

Earnings Overview

TURTLE BEACH ($NASDAQ:HEAR) reported USD -23.2 million in revenue for the fourth quarter of their fiscal year 2022, a 611.7% decrease from the same quarter of the previous year. Net income for this period was USD 100.9 million, a 7.8% drop compared to the year before. The results were reported on December 31, 2022.

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This was driven by improved product cost, lower inventory obsolescence and productive marketing spending. Looking ahead, we remain focused on driving profitable growth and maintaining tight control on expenses. We are also taking prudent steps to ensure the safety of our employees and customers during this uncertain period, while continuing to provide best-in-class products and services to our customers.

We remain confident in our ability to execute our strategic initiatives, deliver growth and long-term value creation for our shareholders. With that, I would like to thank you for your interest in Turtle Beach and open the call up for questions.

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Turtle Beach. More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Turtle Beach. More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Turtle Beach. More…

Key Ratios Snapshot

Some of the financial key ratios for Turtle Beach are shown below. More…

Share Price

On Monday December 31, 2022, Turtle Beach Corporation reported its fourth quarter fiscal year 2022 earnings results. The company’s stock opened on the Nasdaq at $7.3 and closed at $6.9. This was a 6.4% drop from the previous closing price of $7.3. The fourth quarter results were closely watched as the company had recently released a new line of gaming headsets and audio accessories for gaming consoles, PC and mobile devices.

Overall, the financial results showed mixed results with revenue up year on year but profits declining due to higher costs associated with the launch of the new products. Despite the financial results, TURTLE BEACH remains optimistic about their long-term prospects and continue to invest and innovate to drive sustainable growth. They remain committed to their mission of delivering quality gaming audio to gamers around the world. Live Quote…

Analysis

At GoodWhale, we recently conducted an analysis of TURTLE BEACH’s overall wellbeing. Based on our Risk Rating analysis, we have found that TURTLE BEACH is a high risk investment when it comes to financial and business aspects. We have detected three risk warnings in the income sheet, balance sheet, and non-financial areas. To access further information on these risks, become a registered user of our platform. This will provide you with more detailed insights into TURTLE BEACH’s wellbeing and the potential risks associated with their investment. We believe that providing users with comprehensive and up-to-date information on the wellbeing of companies is important in helping them make better informed decisions about their investments. With GoodWhale, you can rest assured that you are getting the best analysis and information available. More…

Peers

In the world of video game accessories, there is stiff competition between Turtle Beach Corp and its competitors Quixant PLC, Corsair Gaming Inc, and Bigben Interactive. All four companies produce high-quality products that appeal to gamers of all levels of interest and expertise. While each company has its own strengths and weaknesses, all four are constantly striving to one-up the competition in an effort to gain market share.

– Quixant PLC ($LSE:QXT)

Quixant PLC is a designer and manufacturer of gaming platforms for the global gaming industry. The company has a market cap of 111.3M as of 2022 and a Return on Equity of 6.78%. Quixant’s products are used in a variety of gaming applications, including video lottery terminals, casino slot machines, and online gaming platforms. The company’s products are designed to provide a high level of performance, reliability, and flexibility to gaming operators.

– Corsair Gaming Inc ($NASDAQ:CRSR)

Corsair Gaming Inc is a company that manufactures and sells gaming peripherals and other gaming products. The company has a market cap of 1.21B as of 2022 and a return on equity of -2.68%. The company’s products include gaming keyboards, mice, headsets, and other gaming accessories.

– Bigben Interactive ($LTS:0O0E)

Bigben Interactive is a French company that specializes in the design and distribution of video game products. The company has a market capitalization of 141.94 million as of 2022 and a return on equity of 4.82%. Bigben Interactive is a publicly traded company on the Euronext Paris stock exchange. The company’s products are available in more than 50 countries.

Summary

TURTLE BEACH announced their fiscal year 2022 fourth quarter earnings results on December 31, 2022, reporting a total revenue of -23.2 million and net income of 100.9 million. This represented a decrease of 611.7% and 7.8%, respectively, compared to the same quarter of the previous year. As a result, the stock price moved down that day.

Given the large decreases in revenue and income, investors should proceed with caution when considering TURTLE BEACH as an investment opportunity. It is important to analyze their financial performance, growth potential, and competitive position before investing in this company.