Shares of the San Diego-based gaming headset and audio accessory company, Turtle Beach Corporation (Nasdaq:HEAR) have gone up by over 35% today.
The jump in share value comes after the company released its preliminary first-quarter results for 2018.
The company is expecting its first-quarter net revenue to be around $39.5 and $40.5 million USD, which would be up by 174%-181% compared to $14.4 million in the first quarter of 2017.
Juergen Stark, Turtle Beach’s CEO, attributes the company’s growth to releases of successful games, such as Fortnite and PlayerUnknown’s Battlegrounds, which have “helped fuel strong consumer demand, [by] driving new gamers into the market and increasing headset attach rates.”
Data from market research company NPD Group has shown that Turtle Beach’s revenue share was up 640 basis points, year-to-date through to February 2018 and although “the market was up 67% on a sell-through basis during the same time period, Turtle Beach was up 94%.
Stark also believes that the company “has continued to outpace a healthy market with a product portfolio for every gamer, global distribution, and retail partnerships, all supported by strong marketing and merchandising,” and expects “first quarter results to enable further reduction in [their] debt over time and selective growth investments, setting the stage for a strong 2018.”
The preliminary results are based on unaudited information, but the full first-quarter earnings report is expected to be released at the beginning of May.
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Currently, Turtle Beach Corporation is sitting at a share value near $3.45 which, compared to the company’s $0.64 closing value on Friday, is a vast jump.
This is the highest share value that the company has seen since October 2015, where the highest closing value was $3.61.
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