Turtle Beach Corporation (NASDAQ:HEAR) is trading in the red today, despite releasing its better-than-expected second-quarter sales results yesterday. According to Yahoo Finance, HEAR is currently trading at $29.30 a share, down $1.05 (-3.46%). What did the Turtle Beach earnings report have to say?
Booming Game Industry
The rise of popularity in multiplayer games such as Fortnite and PlayUnknown’s Battlegrounds has been the driving force behind the company’s revenue growth.
The CEO of Turtle Beach Corporation commented on his company’s growth in the official press release and said:
“Our growth continues to be driven by a healthy console gaming headset market and our market share gains. The successes of Fortnite and PlayerUnknown’s Battlegrounds, and their innovative battle royale format, has driven new gamers into the market at significantly higher headset attach rates than we have experienced in the past.”
The company has only gained momentum in the second quarter. The company highlighted its growth in comparison to the second quarter in 2017. The figures highlight that the company has a 218% increase in sales compared to Q2 2017 from $19.1 million to $60.8 million.
Turtle Beach Earnings Report
As of June 30th, 2018, Turtle Beach Corporation has $9.1 million of cash and cash equivalates with no amount outstanding. Last year, the company had $5.2 million outstanding.
The company’s total outstanding debt principal decreased to $32.4 million compared to $39.7 million back on June 30th, 2017. For the third quarter, Turtle Beach expects to have an 81% increase. The company believes they will reach $65 million compared to the $36 million that was made in Q3 2017.
Turtle Beach expects a 71% profit increase in the full month of 2018. The company expects to reach around $255 million, compared to the $149.1 million it made back in fall 2017.
Turtle Beach held a conference call with its investors yesterday to thoroughly discuss its second quarter 2018 results. Both the CEO and CFO of the company hosted the call and at the end held a question and answer session.
Featured Image: Twitter