Turtle Beach Shares Climb After Outlook Bump as Demand Grows

Dow Jones

2024-08-10

By Dean Seal

Shares of Turtle Beach rose after the gaming-accessories company boosted earnings guidance and logged significant second-quarter sales growth.

The stock was up 16%, at $14.92, in midday Friday trading. Shares have added 36% since the start of the year.

The company reported after the bell Thursday that second-quarter revenue was up 59%, at $76.5 million, topping analyst projections for $70.7 million, according to FactSet. The gain was driven by strong demand for its headsets and the successful integration of its PDP brand.

The company narrowed its quarterly loss to $7.5 million, or 35 cents a share, compared with $15.9 million, or 93 cents a share, in the same quarter a year ago.

The strong quarter prompted Turtle Beach to lift its outlook for adjusted earnings before interest, taxes, depreciation and amortization.

Oppenheimer analysts upgraded the stock to an "outperform" rating on Friday morning, citing its strong positioning for share gains and profitable growth at the beginning of a new gaming-accessory cycle.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

August 09, 2024 12:30 ET (16:30 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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