Why Corsair Gaming Shares Are Falling

Corsair Gaming Inc CRSR shares are trading lower Friday after the company issued preliminary first-quarter financial results below analyst estimates.

Corsair Gaming said it expects first-quarter revenue to be approximately $380 million versus the $447.43 million estimate, according to data from Benzinga Pro. The company said it expects adjusted EBITDA to be between $14 million and $15 million.

"We are pleased that our preliminary Q1 revenue increased 23% over the fiscal year first quarter prior to shelter at home, which was Q1 2020. This continues to demonstrate the long term growth for gaming products," said Andy Paul, CEO of Corsair Gaming.

Corsair Gaming is scheduled to announce its full first-quarter financial results after the market closes on May 5.

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CRSR Price Action: Corsair Gaming is making new 52-week lows during Friday's trading session.

The stock was down 8.02% at $16.89 at time of publication.

Photo: courtesy of Corsair Gaming.