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Turtle Beach Reports Strong First Quarter 2021 Results And Raises Full-Year Outlook

Leading gaming accessory maker Turtle Beach Corporation (Nasdaq: HEAR), reported financial results for the first quarter ended March 31, 2021. "We turned in another stellar performance in the first quarter, with sales, gross margin, net income and adjusted EBITDA all reaching record high levels for the first quarter," said Juergen Stark, CEO, Turtle Beach. "Consumer demand for console headsets and PC gaming accessories remained at elevated levels, our category expansions are going well, and our operational excellence again allowed us to gain market share, leverage operating costs, and deliver better than expected results.

The strong secular trends that make gaming such a great category continue. According to NPD, U.S. retail sales of console headsets in the first quarter continued at record levels. During the quarter, the overall console market in the US rose 60% in dollars while our retail sales exceeded that growth. US sales of PC headsets, keyboards, and mice rose more than 90% and we more than doubled that reflecting the impact of our expanding line of PC accessories.

CORSAIR Gaming Reports Record First Quarter 2021 Financial Results

Corsair Gaming, Inc. (NASDAQ:CRSR) ("Corsair"), a leading global provider and innovator of high-performance gear for gamers and content creators, today announced financial results for the first quarter ended March 31, 2021.

First Quarter 2021 Highlights
  • Net revenue was $529.4 million, an increase of 71.6% year-over-year. Gamer and creator peripherals segment net revenue was $175.9 million, an increase of 131.9% year-over-year. Gaming components and systems segment net revenue was $353.5 million, an increase of 51.9% year-over-year.
  • Gross profit was $160.3 million, an increase of 103.9% year-over-year, with gross margin of 30.3%, an improvement of 480 basis points year-over-year. Gamer and creator peripherals segment gross profit was $68.9 million, an increase of 211.1% year-over-year. Gaming components and systems segment gross profit was $91.5 million, an increase of 61.9% year-over-year.
  • Operating income was $67.3 million, an increase of 404.5% year-over-year.
  • Adjusted operating income was $80.4 million, an increase of 221.4% year-over-year.
  • Net income was $46.7 million, or $0.47 per diluted share, compared to net income of $1.2 million in the same period last year, or $0.01 per diluted share.
  • Adjusted net income was $58.2 million, or $0.58 per diluted share, an increase of 420.4% year-over-year compared to adjusted net income of $11.2 million in the same period last year, or $0.13 per diluted share.
  • Adjusted EBITDA was $80.4 million, an increase of 196.6% year-over-year, with adjusted EBITDA margin of 15.2%, an improvement of 640 basis points year-over-year.
  • As of March 31, 2021, we had cash and restricted cash of $125.6 million, $48.1 million capacity under our revolving credit facility and total long-term debt of $294.3 million.
  • Cash flows from operations was $27.8 million, which increased from $2.0 million in the same period last year.

Western Digital Reports Fiscal Third Quarter 2021 Financial Results

Western Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2021 financial results. "We reported solid results above the guidance range, driven by increasing momentum of our energy-assisted drives and our second-generation NVMe enterprise SSDs, improving NAND flash pricing trends, along with the continued accelerated digital transformation across end markets," said David Goeckeler, Western Digital CEO.

"Western Digital's strengths in technology and cost leadership, expansive product portfolio and broad routes to market are providing a foundation upon which we are solidifying our position as an essential building block of the digital economy. These strengths, combined with our increased operational and strategic focus enabled by our new business unit structure, are driving results. As we continue to face a dynamic environment, we are seeing the benefits of the synergistic value in the breadth of Western Digital's portfolio, and our unique ability to deliver both hard drive and flash solutions to our diverse end-markets and customer base."

Seagate Technology Reports Fiscal Third Quarter 2021 Financial Results

Seagate Technology plc (NASDAQ: STX) (the "Company" or "Seagate"), a world leader in data storage infrastructure solutions, today reported financial results for its fiscal third quarter ended April 2, 2021. "Seagate delivered another quarter of strong financial performance driven by ongoing operational execution and record sales of our high capacity nearline drives. We grew revenue, expanded profitability and achieved non-GAAP EPS above our guided range. Our March quarter results underscore the strength of our HDD product portfolio and increasing demand for mass capacity storage," said Dave Mosley, Seagate's chief executive officer.

"These trends lend further support to our June outlook, including an anticipated return to solid year-over-year revenue growth in the June quarter and enhanced profitability. As the datasphere continues to grow in scale and complexity, our innovative technology, flexible product roadmap and mass data expertise make us well positioned to capture significant opportunities in our core HDD business and address customers' emerging needs to move, secure and store data across a more distributed enterprise."

Western Digital Reports Fiscal Second Quarter 2021 Financial Results

Western Digital Corp. (Nasdaq: WDC) today reported fiscal second quarter 2021 financial results. "The team delivered solid results this quarter, especially as we continue adapting our business and technology portfolio to take advantage of the immense opportunities in the storage industry," said, David Goeckeler, Western Digital CEO. "During the quarter, we captured strength in the retail business and also delivered on our target outcome to complete qualification of our energy-assisted hard drives and second-generation enterprise SSD products with some of the world's largest data center operators. While there is still more work to be done, we remain extremely focused on meeting the needs of our customers and ramping our next-generation products throughout calendar 2021."

In the fiscal second quarter of 2021, Western Digital's revenue decreased 7% year-over-year to $3.9 billion. The decrease is largely attributable to a decline in our Data Center Devices & Solutions end market, more than offsetting growth in Client Devices and Client Solutions.

AMD Reports Fourth Quarter and Full Year 2020 Financial Results

AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2020 of $3.24 billion, operating income of $570 million, net income of $1.78 billion and diluted earnings per share of $1.45. Fourth quarter net income included an income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.06 to EPS. On a non-GAAP(*) basis, operating income was $663 million, net income was $636 million and diluted earnings per share was $0.52.

For full year 2020, the company reported revenue of $9.76 billion, operating income of $1.37 billion, net income of $2.49 billion and diluted earnings per share of $2.06. Full year results included a fourth quarter income tax benefit of $1.30 billion associated with a valuation allowance release, which contributed $1.07 to annual EPS. On a non-GAAP(*) basis, operating income was $1.66 billion, net income was $1.58 billion and diluted earnings per share was $1.29.

Seagate Technology Reports Fiscal Second Quarter 2021 Financial Results

Seagate Technology plc (NASDAQ: STX) (the "Company" or "Seagate") today reported financial results for its fiscal second quarter ended January 1, 2021. "Seagate delivered strong, double-digit revenue, earnings and free cash flow growth in the December quarter supported by broad-based improvement across nearly every served market and geography, and we had solid customer demand for our mass capacity products," said Dave Mosley, Seagate's chief executive officer.

"We also achieved our technology milestone by shipping 20-terabyte HAMR drives in calendar 2020, paving the way for Seagate's continued success for years to come. As demand for data increases in both the cloud and at the edge, Seagate's new Lyve Storage Platform complements our HDD portfolio to help businesses address both the secular demand for mass capacity storage and the increasing complexity of managing data from edge-to-core cloud. We are well positioned to benefit from the tremendous opportunities we foresee ahead and remain focused on enhancing value for our customers, employees and shareholders."

Intel Reports Fourth-Quarter and Full-Year 2020 Financial Results

Intel Corporation today reported fourth-quarter and full-year 2020 financial results. The company also announced that its board of directors approved a cash dividend increase of five percent to $1.39 per share on an annual basis. The board declared a quarterly dividend of $0.3475 per share on the company's common stock, which will be payable on March 1 to shareholders of record on February 7.

"We significantly exceeded our expectations for the quarter, capping off our fifth consecutive record year," said Bob Swan, Intel CEO. "Demand for the computing performance Intel delivers remains very strong and our focus on growth opportunities is paying off. It has been an honor to lead this wonderful company, and I am proud of what we have achieved as a team. Intel is in a strong strategic and financial position as we make this leadership transition and take Intel to the next level."

Intel Reports Third-Quarter 2020 Financial Results

Intel Corporation today reported third-quarter 2020 financial results. "Our teams delivered solid third-quarter results that exceeded our expectations despite pandemic-related impacts in significant portions of the business," said Bob Swan, Intel CEO. "Nine months into 2020, we're forecasting growth and another record year, even as we manage through massive demand shifts and economic uncertainty. We remain confident in our strategy and the long-term value we'll create as we deliver leadership products and aim to win share in a diversified market fueled by data and the rise of AI, 5G networks and edge computing."

In the third quarter, the company generated $8.2 billion in cash from operations and paid dividends of $1.4 billion. In August, Intel initiated accelerated share repurchase (ASR) agreements for an aggregate of $10.0 billion of our common stock. Following settlement of these agreements, Intel will have repurchased a total of approximately $17.6 billion in shares as part of the planned $20.0 billion share repurchases announced in October 2019. Intel intends to complete the $2.4 billion balance and return to historical capital return practices when markets stabilize.

NVIDIA Announces Financial Results for Second Quarter Fiscal 2021

NVIDIA today reported record revenue for the second quarter ended July 26, 2020, of $3.87 billion, up 50 percent from $2.58 billion a year earlier, and up 26 percent from $3.08 billion in the previous quarter.

GAAP earnings per diluted share for the quarter were $0.99, up 10 percent from $0.90 a year ago, and down 33 percent from $1.47 in the previous quarter. Non-GAAP earnings per diluted share were $2.18, up 76 percent from $1.24 a year earlier, and up 21 percent from $1.80 in the previous quarter. NVIDIA closed its acquisition of Mellanox Technologies Ltd. on April 27, 2020. "Adoption of NVIDIA computing is accelerating, driving record revenue and exceptional growth," said Jensen Huang, founder and CEO of NVIDIA. "Growth in GeForce gaming accelerated as gamers increasingly immerse themselves in realistic virtual worlds created by NVIDIA RTX ray tracing and AI.

Western Digital Reports Fourth Quarter and Fiscal Year 2020 Financial Results

Western Digital Corp. (Nasdaq: WDC) today reported fourth quarter and fiscal year 2020 financial results. "I am extremely proud of the way our team has navigated the complexities and uncertainties inherent in this unprecedented environment, as we continue to adapt to provide supply continuity and high-quality products to our customers and drive value for our shareholders," said David Goeckeler, Western Digital CEO. "While we continue to navigate through a dynamic environment, we remain focused on managing the business for the long-term, including ramping two important product lines to high volume: our SSD products and our energy-assisted capacity enterprise drives. We will continue to deliver the quality, performance and cost-effectiveness our customers rely on, and I am confident that our end market diversity and breadth, broad customer base, channel reach, and innovative leadership all position Western Digital to benefit from the multi-year growth in data creation and storage."

In the fourth quarter of fiscal 2020, Western Digital's revenue increased 18% year-over-year to $4.3 billion, led by strength within Data Center Devices & Solutions and Client Devices end markets.

Activision Blizzard Announces Record Second-Quarter 2020 Financial Results

Activision Blizzard, Inc. (Nasdaq: ATVI) today announced record second-quarter 2020 results. "Our mission to connect and engage the world through epic entertainment has never been more meaningful," said Bobby Kotick, Chief Executive Officer of Activision Blizzard. "Our 400 million players continue to experience fun, joy and accomplishment through our games. Our record engagement resulted in greater revenue and earnings per share than previously forecast. While economic uncertainty could have an impact on our near-term results, the initiatives that drove our growth for the first half of the year should also provide the foundation for long-term growth."

For the quarter ended June 30, 2020, Activision Blizzard's net revenues presented in accordance with GAAP were $1.93 billion, as compared with $1.40 billion for the second quarter of 2019. GAAP net revenues from digital channels were $1.59 billion, as compared with $1.09 billion for the second quarter of 2019. GAAP operating margin was 39%. GAAP earnings per diluted share were $0.75, as compared with $0.43 for the second quarter of 2019.

AMD Reports Second Quarter 2020 Financial Results

AMD (NASDAQ:AMD) today announced revenue for the second quarter of 2020 of $1.93 billion, operating income of $173 million, net income of $157 million and diluted earnings per share of $0.13. On a non-GAAP basis, operating income was $233 million, net income was $216 million and diluted earnings per share was $0.18. "We delivered strong second quarter results, led by record notebook and server processor sales as Ryzen and EPYC revenue more than doubled from a year ago," said Dr. Lisa Su, AMD president and CEO. "Despite some macroeconomic uncertainty, we are raising our full-year revenue outlook as we enter our next phase of growth driven by the acceleration of our business in multiple markets."

Seagate Technology Reports Fourth Quarter And Fiscal Year 2020 Financial Results

Seagate Technology plc (NASDAQ: STX) (the "Company" or "Seagate") today reported financial results for its fourth quarter and fiscal year ended July 3, 2020. "The June quarter was led by robust cloud and data center demand, which drove record exabyte shipments for our nearline mass capacity drives and strongly contributed to the Company's overall revenue and solid free cash flow generation. However, continued economic uncertainty and COVID-19 related disruptions impacted demand in other key end markets including video and image applications, mission critical and consumer markets and also impacted profitability as we incurred higher logistics and labor costs which together weighed on our fourth quarter results," said Dave Mosley, Seagate's chief executive officer.

"We are focused on managing the business well and executing on what we can control. Fiscal 2020 marked a strong year of progress as we grew mass capacity storage revenue by 25% and increased our overall revenue. We executed our technology roadmap, strengthened our balance sheet and delivered on our capital return program. Entering fiscal year 2021, the level of macro uncertainty remains high and we will continue to carefully manage our cash and expenses. However, we anticipate demand across our end markets to improve within the next six months and currently model revenue to be fairly flat in fiscal year 2021, supported by the strength of our mass capacity product portfolio. Longer-term, the unabated growth in data at the edge and in the cloud is driving secular demand for mass capacity storage and we believe Seagate's financial strength and innovative product portfolio position us well for these trends."

Intel Reports Second-Quarter 2020 Financial Results

Intel Corporation today reported second-quarter 2020 financial results. "It was an excellent quarter, well above our expectations on the continued strong demand for computing performance to support cloud-delivered services, a work- and learn-at-home environment, and the build-out of 5G networks," said Bob Swan, Intel CEO. "In our increasingly digital world, Intel technology is essential to nearly every industry on this planet. We have an incredible opportunity to enrich lives and grow this company with a continued focus on innovation and execution."

Intel achieved record second-quarter revenue with 34 percent data-centric revenue growth and 7 percent PC-centric revenue growth YoY. These results were driven by strong sales of cloud, notebook, memory and 5G products in an environment where digital services and computing performance are essential to how we live, work and stay connected.

NVIDIA Announces Financial Results for First Quarter Fiscal 2021

NVIDIA today reported revenue for the first quarter ended April 26, 2020, of $3.08 billion, up 39 percent from $2.22 billion a year earlier, and down 1 percent from $3.11 billion in the previous quarter. GAAP earnings per diluted share for the quarter were $1.47, up 130 percent from $0.64 a year ago, and down 4 percent from $1.53 in the previous quarter. Non-GAAP earnings per diluted share were $1.80, up 105 percent from $0.88 a year earlier, and down 5 percent from $1.89 in the previous quarter.

NVIDIA completed its acquisition of Mellanox Technologies Ltd. on April 27, 2020, for a transaction value of $7 billion. It also transitioned its GPU Technology Conference to an all-digital format, drawing more than 55,000 registered participants, while NVIDIA founder and CEO Jensen Huang's keynote videos were viewed 3.8 million times in their first three days.

Acer Reports Q1 2020 Financial Results

Acer Inc. announced the financial results for the first quarter of 2020: consolidated revenues were NT$48.85 (USD$1.6) billion; gross profits were NT$4.95 (USD$0.16) billion with 10.1% margin; operating income was NT$19 (USD$0.63) million; earnings before tax was NT$780 (USD$26) million; and net income was NT$558 (USD$18.6) million with earnings per share (EPS) of NT$0.18 (USD$0.006).

Consolidated revenues in March grew 114% month-on-month, achieved by the velocity of actions to capture the rise in demands due to work-from-home and online learning needs. For example, the PANAM operations scored a record first-quarter in revenues over several years.

Western Digital Reports Fiscal Third Quarter 2020 Financial Results

Western Digital Corp. (Nasdaq: WDC) today reported fiscal third quarter 2020 financial results. "I joined Western Digital a little over a month ago because I have strong conviction in the digital transformation that is reshaping every industry, every company and how all of us live our daily lives," said David Goeckeler, Western Digital CEO. "While I couldn't have anticipated the unprecedented series of events that have transpired, I'm very proud of how the company has responded to an extremely dynamic environment with dedicated focus both on our employees' safety as well as delivering our market leading technology to our customers. As the only company in the world to provide a broad array of NAND flash, Solid State Drives (SSD) and Hard Disk Drives (HDD) solutions, I'm confident our innovation will drive significant new value for customers around the world."

We generated $142 million in cash from operations during the fiscal third quarter of 2020 and ended the quarter with $2.9 billion of total cash and cash equivalents. We returned $149 million to shareholders through dividends and used $212 million to reduce debt. On February 13, 2020, we declared a cash dividend of $0.50 per share of common stock, which was paid to shareholders on April 17, 2020. Going forward, we are suspending our dividend to strengthen our reinvestment in growth and innovation and to support our ongoing deleveraging efforts. We will reevaluate our dividend policy as leverage ratios improve.

AMD Reports First Quarter 2020 Financial Results

AMD today announced revenue for the first quarter of 2020 of $1.79 billion, operating income of $177 million, net income of $162 million and diluted earnings per share of $0.14. On a non-GAAP* basis, operating income was $236 million, net income was $222 million and diluted earnings per share was $0.18.

"We executed well in the first quarter, navigating the challenging environment to deliver 40 percent year-over-year revenue growth and significant gross margin expansion driven by our Ryzen and EPYC processors," said Dr. Lisa Su, AMD president and CEO. "While we expect some uncertainty in the near-term demand environment, our financial foundation is solid and our strong product portfolio positions us well across a diverse set of resilient end markets. We remain focused on strong business execution while ensuring the safety of our employees and supporting our customers, partners and communities. Our strategy and long-term growth plans are unchanged."

Intel Reports First-Quarter 2020 Financial Results

Intel Corporation today reported first-quarter 2020 financial results. "Our first-quarter performance is a testament to our team's focus on safeguarding employees, supporting our supply chain partners and delivering for our customers during this unprecedented challenge," said Bob Swan, Intel CEO."The role technology plays in the world is more essential now than it has ever been, and our opportunity to enrich lives and enable our customers' success has never been more vital. Guided by our cultural values, competitive advantages and financial strength, I am confident we will emerge from this situation an even stronger company."

In the first quarter, Intel achieved 34 percent data-centric revenue growth and 14 percent PC-centric revenue growth YoY. The company maintained essential factory operations with greater than 90 percent on-time delivery while supporting employees, customers and communities in response to the COVID-19 pandemic. This includes a new Intel Pandemic Response Technology Initiative to combat the virus where we can uniquely make a difference with Intel technology, expertise, and resources.

Seagate Technology Reports Fiscal Third Quarter 2020 Financial Results

Seagate Technology plc (NASDAQ: STX) today reported financial results for its fiscal third quarter ended April 3, 2020. "Seagate executed very well in the third quarter while navigating the unprecedented challenges brought on by the COVID-19 pandemic. Our teams worked tirelessly to safeguard the health of their colleagues, support customer demand, and execute our product roadmap. In this challenging environment, we achieved strong financial performance, delivering revenue and non-GAAP EPS that were above our guidance midpoint and continuing to generate solid free cash flow," said Dave Mosley, Seagate's chief executive officer.

"Our results demonstrate the resilience of our business model, which combined with our strong balance sheet and liquidity offer stability to manage through this uncertain environment. Over the long-term, we believe the strength of our technology innovation and product portfolio position Seagate well to capitalize on secular demand for mass capacity storage as well as the growing necessity for cost effective data management solutions driven by the transition to IT 4.0."

TSMC Reports Q1-2020 Financial Results with $4.51NTD EPS

TSMC (TWSE: 2330, NYSE: TSM) today announced consolidated revenue of NT$310.60 billion, net income of NT$116.99 billion, and diluted earnings per share of NT$4.51 (US$0.75 per ADR unit) for the first quarter ended March 31, 2020. Year-over-year, first quarter revenue increased 42.0% while net income and diluted EPS both increased 90.6%. Compared to fourth quarter 2019, first quarter results represented a 2.1% decrease in revenue and a 0.8% increase in net income. All figures were prepared in accordance with TIFRS on a consolidated basis.

In US dollars, first quarter revenue was $10.31 billion, which increased 45.2% year-over-year and decreased 0.8% from the previous quarter. Gross margin for the quarter was 51.8%, operating margin was 41.4%, and net profit margin was 37.7%. In the first quarter, shipments of 7-nanometer accounted for 35% of total wafer revenue and 10-nanometer process technology contributed 0.5% while 16-nanometer accounted for 19%. Advanced technologies, defined as 16-nanometer and more advanced technologies, accounted for 55% of total wafer revenue.

NVIDIA Announces Financial Results for Fourth Quarter and Fiscal 2020

NVIDIA today reported revenue for the fourth quarter ended Jan. 26, 2020, of $3.11 billion, up 41 percent from $2.21 billion a year earlier, and up 3 percent from $3.01 billion in the previous quarter. GAAP earnings per diluted share for the quarter were $1.53, up 66 percent from $0.92 a year ago, and up 6 percent from $1.45 in the previous quarter. Non-GAAP earnings per diluted share were $1.89, up 136 percent from $0.80 a year earlier, and up 6 percent from $1.78 in the previous quarter.

For fiscal 2020, revenue was $10.92 billion, down 7 percent from $11.72 billion a year earlier. GAAP earnings per diluted share were $4.52, down 32 percent from $6.63 a year earlier. Non-GAAP earnings per diluted share were $5.79, down 13 percent from $6.64 a year earlier. "Adoption of NVIDIA accelerated computing drove excellent results, with record data center revenue," said Jensen Huang, founder and CEO of NVIDIA. "Our initiatives are achieving great success.

AMD Reports Fourth Quarter and Annual 2019 Financial Results

AMD (NASDAQ:AMD) today announced revenue for the fourth quarter of 2019 of $2.13 billion, operating income of $348 million, net income of $170 million and diluted earnings per share of $0.15. On a non-GAAP basis, operating income was $405 million, net income was $383 million and diluted earnings per share was $0.32. For fiscal year 2019, the company reported revenue of $6.73 billion, operating income of $631 million, net income of $341 million and diluted earnings per share of $0.30. On a non-GAAP basis, operating income was $840 million, net income was $756 million and diluted earnings per share was $0.64.

"2019 marked a significant milestone in our multi-year journey as we successfully launched and ramped the strongest product portfolio in our 50-year history," said Dr. Lisa Su, AMD president and CEO. "We delivered significant margin expansion and increased profitability as we gained market share with our Ryzen and EPYC processors. Our focused execution and the investments we made in our high-performance computing roadmaps position us well for continued growth in 2020 and beyond."

Where's the Ryzen Effect? Intel posts Record Financials

Intel Corporation today reported fourth-quarter and full-year 2019 financial results. The company also announced that its board of directors approved a five percent cash dividend increase to $1.32 per share on an annual basis. The board declared a quarterly dividend of $0.33 per share on the company's common stock, which will be payable on March 1 to shareholders of record on February 7.

"In 2019, we gained share in an expanded addressable market that demands more performance to process, move and store data," said Bob Swan, Intel CEO. "One year into our long-term financial plan, we have outperformed our revenue and EPS expectations. Looking ahead, we are investing to win the technology inflections of the future, play a bigger role in the success of our customers and increase shareholder returns."
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