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Turtle Beach Q1 loss narrows YOY

Turtle Beach Corp. said its first-quarter normalized net income was a loss of 16 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 28 cents per share.

The per-share loss narrowed 22.7% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.3 million, compared with a loss of $8.5 million in the prior-year period.

The normalized profit margin climbed to negative 30.4% from negative 43.3% in the year-earlier period.

Total revenue grew 22.0% year over year to $24.0 million from $19.7 million, and total operating expenses grew 5.2% on an annual basis to $33.6 million from $31.9 million.

Reported net income totaled a loss of $12.1 million, or a loss of 26 cents per share, compared to a loss of $10.5 million, or a loss of 25 cents per share, in the year-earlier period.