Corsair Gaming, Inc. (NASDAQ:CRSR) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET
Company Participants
Ronald van Veen - Vice President of Finance and Investor Relations
Andy Paul - Chief Executive Officer
Michael Potter - Chief Financial Officer
Conference Call Participants
George Wang - Barclays Capital, Inc.
Andrew Crum - Stifel, Nicolaus & Company, Inc.
Aaron Lee - Macquarie Group
Operator
Good afternoon, everyone, and welcome to Corsair Gaming's First Quarter 2024 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 a 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 first quarter ended March 31, 2024. On the call today, we have Corsair CEO, Andy Paul and CFO, Michael Potter. Andy will review highlights from the quarter and 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 that forward-looking statements are subject to are described in the 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 closed today.
With that, I'll now turn the call over to Andy.
Andy Paul
Thank you, Ronald, and welcome, everyone to our Q1 earnings call. 2024 is starting out as expected with new products driving a rebound in peripherals growth. Our Gaming and Creator Peripherals segment has continued its impressive performance, achieving 20% year-over-year revenue growth in the first quarter of 2024 after 16% year-over-year revenue growth in the fourth quarter of 2023.
We are very pleased that growth is coming from all product lines. This was across Elgato with its popular Stream Deck products, SCUF Gaming with the successful recent launch of PC controllers, and Corsair peripherals with several new keyboards, headsets and mice. We were particularly pleased to see the gross margin lift to 40% with these new product launches. We fully expect to build on this momentum over the coming quarters with an exciting lineup of planned product launches, some of which we will discuss on the call today.