Turtle Beach Corp. Reports Net Revenue of $19.2M in Q2Friday, August 11, 2017
San Diego-based Turtle Beach Corp., which makes gaming headsets and accessories, reported a net loss of $7.1 million on net revenue of $19.2 million in its second quarter, which ended June 30. The business reported its financial results on Aug. 10.
In the second quarter of last year, Turtle Beach (Nasdaq: HEAR) reported a net loss of $42.6 million on net revenue of $29.4 million. The large net loss in the year-ago quarter was mostly due to a $31.1 million charge related to goodwill and intangible asset impairment.
Turtle Beach said the disparity in net revenue — $19.2 million for the recent second quarter versus $29.4 million in the year-ago quarter — was due to “lingering impact from higher holiday channel inventory,” which had been expected.
The business increased its full-year forecast, saying it anticipates net revenue to be in the range of $157 million to $162 million. Previously it predicted $155 million to $160 million.