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WHITE PLAINS, N.Y. - Turtle Beach Corporation (NASDAQ:TBCH) reported fourth quarter earnings that fell short of analyst expectations, sending shares down 4.5% in after-hours trading.
The gaming accessories maker posted adjusted earnings per share of $0.95, missing the consensus estimate of $1.11. Revenue for the quarter came in at $146.1 million, below analyst projections of $154.15 million, despite representing a 47% increase YoY.
Despite the earnings miss, Turtle Beach achieved record quarterly revenue and adjusted EBITDA. The company reported net income of $20.1 million, up from $8.6 million in the prior year period. Adjusted EBITDA surged 156% to $35.7 million.
"We are pleased to report another outstanding quarter, generating the highest quarterly net revenue and Adjusted EBITDA in the Company’s history and building on positive momentum for continued growth," said CEO Cris Keirn.
For the full year 2024, Turtle Beach posted revenue of $372.8 million, up 44% YoY, and net income of $16.2 million compared to a loss of $17.7 million in 2023.
Looking ahead, the company initiated 2025 guidance, projecting revenue between $395-$405 million and adjusted EBITDA of $68-$72 million. This outlook factors in expected headwinds for gaming accessories markets in the first half of 2025.
Turtle Beach also noted it repurchased 1.8 million shares in 2024 for $27.8 million, highlighting its commitment to returning capital to shareholders.
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