Corsair Gaming, Inc. (NASDAQ:CRSR) Q3 2023 Earnings Conference Call November 7, 2023 5:00 PM ET
Company Participants
Ronald Van Veen - VP, Finance and IR
Andy Paul - CEO
Michael Potter - CFO
Conference Call Participants
George Wang - Barclays
Aaron Lee - Macquarie
Doug Creutz - Cowen
Colin Sebastian - Baird
Aaron Lee - Macquarie
George Wang - Barclays
Operator
Good afternoon, and welcome to the Corsair Gaming's Third Quarter 2023 Earnings Conference Call. As a reminder, today’s call is being recorded and your participation implies consent to such recording. At this time, all participants are in listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]
With that, I would now like to turn the call over to Ronald Van Veen, Corsair's Vice President of Finance and Investor Relations. Thank you, sir. Please begin.
Ronald Van Veen
Thank you. Good afternoon, everyone. And thank you for joining us for Corsair’s financial results conference call for the third quarter ended September 30, 2023. On the call today, we have our Corsair's CEO; Andy Paul; and CFO, Michael Potter. Andy will review highlights from the quarter. Michael will then review the financials and our outlook. We will then have time for any questions.
Before we begin, allow me to provide a disclaimer regarding forward-looking statements. This call, including the Q&A portion of the call, may include forward-looking statements related to the expected future results of our company and are, therefore, forward-looking statements. Our actual results may differ materially from our projections due to a number of risks and uncertainties. The risks and uncertainties and forward-looking statements are subject to are described in our earnings release and other SEC filings.
Today’s remarks will also include references to non-GAAP financial measures. Additional information, including reconciliation between non-GAAP financial information to the GAAP financial information is provided in the press release we issued after the market close today.
With that, I will now turn the call over to Andy.
Andy Paul
Thank you, Ronald, and welcome everyone to our earnings call.
The key takeaways for Q3 are; first, we achieved strong revenue and profit growth with Q3 revenue growth of 16.5%, and adjusted net income growth of 75.7% on a year-on-year basis.
Second, we continue to drive gross margin expansion. We're seeing an uplift in ASP and margin from new products, along with a return to healthier inventory level of more normal promotional practices across the industry.