Turtle Beach Corp (NASDAQ:HEAR) stock was on the rise today due to a strong earnings report for the first quarter of 2018.
Earnings per share reported by Turtle Beach Corp for the first quarter of the year came in at 16 cents. This is a major increase over its losses per share of 81 cents for the same period of the year prior. It was also good news for HEAR stock by coming in above Wall Street’s losses per share estimate of 2 cents for the quarter.
During the first quarter of 2018, Turtle Beach Corp reported revenue of $40.89 million. This is much better than the company’s revenue of $14.35 million reported in the first quarter of 2017. It also beats out analysts’ revenue estimate of $39.83 million for the period.
Turtle Beach Corp has no issue with naming the exact reason that its first quarter went so well. The maker of gaming headsets says that the rising popularity of Fortnite, as well as PlayerUnknown’s Battlegrounds, was responsible for its strong first quarter.
Due to its strong first quarter of 2018, Turtle Beach Corp is raising its outlook for the full year of 2018. The company is now expecting earnings per share to come in around 95 cents. The previous estimate had the company expecting losses per share of 12 cents for 2018. Wall Street is estimating earnings per share of 33 cents for the year.
Turtle Beach Corp also says it now expects revenue for the full year of 2018 to come in at roughly $205 million. It was previously expecting revenue for 2018 to be near $157 million. Analysts are looking for revenue of $169.57 million for the year.
HEAR stock was up 69% as of Thursday morning.
As of this writing, William White did not hold a position in any of the aforementioned securities.