Turtle Beach Releases Q3 Earnings

Gaming accessories manufacturer Turtle Beach Corporation HEAR reported its third-quarter earnings on Thursday.

What Happened

The San Diego-based company published revenue of $46.7 million in the quarter. This is a 37% decrease compared to the same quarter’s numbers from last year.

Turtle Beach lost 22 cents per share, a whopping 124.17% drop in a year-on-year comparison. The company had posted earnings per share of 91 cents in the third quarter of 2018.

The results are higher than Turtle Beach analysts expected. They suggested the company could lose 23 cents per share, with a revenue of $43.62 million.

Last Year Was An Outlier

The company said in a press release that the results show good health, and the consumer demand is still “above historic levels.”

Last year, revenues went up as the gaming industry saw a massive interest in battle royale games.

"As was the case in the first half of the year, our results for the third quarter tracked closely to our expectations, with revenue stronger than any other third quarter outside of last year," Juergen Stark, the company’s CEO said. "This confirms that many new gamers remain in the market and are joining the headset replacement cycle.”

Price Action

Turtle Beach’s shares closed at $10 on Thursday but went down 11.20% ;in the after-hours trading.