Turtle Beach Corporation Pre-Announces 2021 Revenues
Turtle Beach Corporation (NASDAQ:HEAR) updated selected financials based on preliminary unaudited information, expecting a revenue of $365 million for the full 2021-year, compared to its prior guidance of $365-380 million. This implies revenue of $108 million (down 19% year-over-year) for Q4/21.
Analysts at Oppenheimer said they remain confident in the company’s ability to handle its own supply chain issues and expand non-headphone categories, representing around 20% of the company’s total revenues, however, noting that near-term industry headwinds such as underperforming AAA games and console shortages push them to lower their near-term growth outlook. The analysts decreased their price target on the company’s shares to $34 from $41, while maintaining their outperform rating.
Oppenheimer now expects full 2021-year revenue/adjusted EBITDA of $365 million/$36 million, compared to its prior estimates of $373 million/$40 million. The brokerage also lowered its 2022 estimates to $382 million/$44 million from $420 million/ $51 million, due to near-term revenue headwinds that may extend to H1/22.
| Symbol | Price | %chg |
|---|---|---|
| 005935.KS | 46250 | 0 |
| 005930.KS | 55700 | 0 |
| AAPL.MX | 4076.85 | 0 |
| 6758.T | 3535 | 0 |
