Turtle Beach (NASDAQ:HEAR) trades up nearly 9% aftermarket after the company reports Q2 results with an EPS and revenue beat with an increased full year guidance.
The gaming headset and audio accessory company blamed the quarter’s nearly 35% sales drop on a lingering impact from higher holiday inventory.
Financials: gross margin, 33% (last year: 17.4%); headset segment gross margin, 33.3% (last year: 24.5%) operating expenses, $11.3M (last year: $45.6M); adjusted EBITDA, -$2.8M (-last year: $6.3M); cash and equivalents, $1.2M; outstanding debt, $39.7M.
Q3 guidance: revenue, $36M to $40M (consensus: $40.17M); adjusted EBITDA, $1M; diluted net loss per share, $0.10 (consensus: $0.09).
Full year guidance increased: revenue, $157M to $162M (consensus: $157.77M; former: $155M to $160M); adjusted EBITDA, $11M to $13M (former: $10M to $12M); diluted net loss per share, $0.06 to $0.10 (consensus: $0.11; former: $0.08 to $0.12).
Previously: Turtle Beach beats by $0.04, beats on revenue (Aug. 10)