Benzinga | Oct 15, 2021 10:52AM EDT

Why Corsair Gaming Shares Are Tumbling Today

Corsair Gaming Inc (NASDAQ:CRSR) is trading lower Friday after the company issued preliminary third-quarter financial results and issued guidance below estimates.

Corsair Gaming said it expects third-quarter net revenue to be approximately $391 million, versus the estimate of $484.11 million. The company cut its full-year 2021 revenue guidance from a range of $1.9 billion to $2.1 billion to a range of $1.825 billion to $1.925 billion.

"We believe that our 2021 net revenue has been held back at least 10% by global logistics and supply chain issues, especially by the lack of affordable GPUs in the retail channel. After a slower start to the third quarter of 2021, we have seen a return to more typical seasonal ordering with September being the strongest month in the quarter," said Andy Paul, CEO of Corsair Gaming.

The company said it intends to update its 2021 guidance for adjusted operating income and adjusted EBITDA when it releases its third-quarter financial results.

Corsair Gaming is set to announce its third-quarter financial results on Nov. 2.

Corsair Gaming is engaged in the business of providing high-performance gear for gamers and content creators.

CRSR Price Action: Corsair Gaming has traded as high as $51.37 and as low as $18.31 over a 52-week period.

The stock was down 8.67% at $24.64 at time of publication.

Photo: Lyncconf Games from Flickr.