Video game accessories and peripherals maker Turtle Beach surprised the markets with a major beat in earnings as sales of their headsets and devices grew amid coronavirus quarantines. Now, the company is looking forward to the highly anticipated next generation of video game consoles slated for the holidays.
"We're very excited about the new Xbox and PlayStation launches. They're coming soon, can't wait," Turtle Beach CEO Juergen Stark told Cheddar. "We believe that they will do very, very well post-launch, and that is definitely a long-term driver of, and a catalyst for, all console accessories."Stark added that gamers tend to "re-accessorize" upon upgrading to new video game systems and that Turtle Beach was already prepared with four new wireless headset models, two for each of the next-gen platforms. And, with the growth of multiplayer gaming, the company sees its headsets continuing to grow right along with the phenomenon.
"People play together. Fortnite was a big example of this even to the point where there was a concert, a Deadmau5 concert earlier this year where 20 million people went into Fortnite to watch the concert," he said. "So, to play together, you need to be able to communicate, and that's what the headset portfolio we have does a great job at."
The ability to communicate virtually was a "huge driver" of the popularity of the headsets during the coronavirus pandemic, according to Stark. So much so, he also was bullish on the future of the gamer gear in non-gaming arenas even after the COVID-19 pandemic subsides.
"Our headsets work great for video calls, working, learning, schooling from home," Stark said.
Tesla, the car company run by Elon Musk, reported Wednesday that it sold more vehicles in the past three months after boycotts hit hard earlier this year, but profits still fell sharply. Third-quarter earnings fell to $1.4 billion, from $2.2 billion a year earlier. Excluding charges, per share profit of 50 cents came in below analysts' estimate. Tesla shares fell 3.5% in after-hours trading. Musk said the company's robotaxi service, which is available in Austin, Texas, and San Francisco, will roll out to as many as 10 other metro areas by the end of the year.
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