Turtle Beach revenue up 107% to $74.4m in latest quarterly financials
Popularity of battle royale games drive strong headset sales
Gaming headset maker Turtle Beach has tightened its controlling grip on the market with a strong Q3 financial result.
Revenues are up 107% year-on-year to $74.4 million from $36 million, while net income has increased significantly to $14.4 million after posting a loss of $500,000 for the same period last year.
Earnings per share are also up significantly from a loss $0.04 per share in Q3 2017, to an earning of $0.91 per share in the latest quarter.
Adjusted EBITDA increased year-on-year from $3.3 million to $17.6 million.
The popularity of battle royale games continues to drive sell-through on gaming headsets, which was up 84% in September versus 2017.
In the US and Canada, Turtle Beach has a 45.2% revenue share on console headsets, up from 40.2% last year.
"As communicated in our pre-announcement, we delivered another quarter of considerable growth and record profits, both compared to last year and our prior outlook," said CEO Juergen Stark.
"This growth is driven by market share gains from a great portfolio of innovative products that enhance game play for all levels of gamers in a strong overall console gaming market...
"Given our impressive results, and our expectation of a continued strong console headset market in the upcoming holiday season, we are raising our fourth quarter and 2018 financial outlook.
"We believe these positive developments will position us to accelerate selective growth investments while fully repaying our subordinated notes by the end of March 2019."