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Turtle Beach Q1 loss narrows YOY

Turtle Beach Corp. said its normalized net income for the first quarter came to a loss of 49 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 98 cents per share.

The per-share loss narrowed 22.4% year over year from 63 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $6.0 million, compared with a loss of $7.3 million in the prior-year period.

The normalized profit margin dropped to negative 41.7% from negative 30.4% in the year-earlier period.

Total revenue decreased 40.3% year over year to $14.4 million from $24.0 million, and total operating expenses declined 34.0% year over year to $22.1 million from $33.6 million.

Reported net income totaled a loss of $9.9 million, or a loss of 81 cents per share, compared to a loss of $12.1 million, or a loss of $1.04 per share, in the prior-year period.