Corsair Gaming (NASDAQ:CRSR) stock is taking a beating Friday and the traders over on r/WSB aren’t happy about the news.
The fall of CRSR stock today comes alongside weak preliminary earnings for the third quarter of 2021. This has it expecting revenue for the quarter to come in at $391 million. That would have it vastly missing Wall Street’s estimate of $484.11 million.
The update from Corsair Gaming also includes new revenue guidance for the full year of 2021. This has it expecting revenue for the period to come in between $1.825 billion and $1.925 billion. Yet again, that’s not looking good next to analysts’ estimates of $2.04 billion for the current year.
Andy Paul, CEO of Corsair Gaming, said this in the preliminary earnings update.
“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.”
Let’s take a look at how members of the WallStreetBets subreddit are reacting today’s news.
“I think last thanksgiving, someone here told me CRSR was gonna be a $100 stock. Lmao.” — raleighboi
“What up CRSR bros. It’s cool if I make fun of you Bc I’m a palintard bag holder so I gotta make fun of somebody.” — Bitcointhummper
“CRSR was fun to thetagang with, every month or two it got pumped and IV went through the roof, now its not even worth doing that :/.” — SuicidalInsanity
“Earnings and being CRSR happened to CRSR.” — thesippycup
CRSR stock is down 8.7% as of Friday morning and is down 29.1% since the start of the year.
Investors looking for more stock market news will want to keep reading!
All the latest stock market coverage that traders need for Friday is ready and waiting. We’ve got the latest on Virgin Galactic (NYSE:SPCE) stock falling, this morning’s pre-market stock movers, as well as what happened with Chinese fintech stocks yesterday. You can find all of that info at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.