Heading into the much-awaited holiday season, Turtle Beach Corporation (HEAR - Free Report) recently launched a wide assortment of next-gen gaming accessories with its unit, ROCCAT.
Turtle Beach’s lineup of wireless gaming headsets has been highly appreciated by customers. With a wide array of cutting-edge gaming audio technology, the company has introduced a line-up of nine gaming accessories — Elite Atlas Aero ($149.95), Elite Pro 2 headset ($129.95), Elite Atlas ($99.95), Stealth 700 ($149.95), Stealth 600 ($99.95), Recon Spark ($49.95), Recon 70 ($39.95), Vulcan Series ($159.99) and Kain Series ($49.99-$99.99). The products are available at various participating retailers, both online and offline, with lucrative deals on Black Friday and Cyber Monday.
Turtle Beach's Stealth 600 for Microsoft Corporation’s (MSFT - Free Report) Xbox One and Sony Corporation’s (SNE - Free Report) PlayStation4 continues to lead the pack as North America's best-selling wireless gaming headset for 2018 and 2019. Recon 70 gaming headset, with powerful audio and microphone, had also been the best-selling product in its category in North America in the past two years.
Few months back, the audio technology company had completed the acquisition of ROCCAT, a Germany-based PC accessories maker. The strategic move marked the beginning of the next phase in Turtle Beach’s expansion into the $2.9 billion market for PC gaming headsets, mice and keyboards. This is considered to be a significant step in its goal of building $100 million PC gaming accessories business. The company expects revenues from ROCCAT products to be more than $30 million in 2020.
Per the 2019 Video Game Sale Statistics by NPD Group, Turtle Beach has been the market leader in gaming headsets by units for the past seven consecutive years, with more than 12 million headsets sold life-to-date compared with its nearest competitor. The company has also achieved the distinction of being the leading player in the industry by revenues for the past nine consecutive years. It has seemingly revolutionized the gaming industry by achieving a healthy demand for high-quality gaming headsets for Xbox One, PlayStation4, Nintendo Co., Ltd.’s (NTDOY - Free Report) Nintendo Switch and other PC and mobile devices.
In the face of intense competition in the gaming industry, Turtle Beach is benefiting from its solid product performance and market traction, backed by innovation, quality products, strong brand and retail partnerships. While leading the console headset market, its growth in the PC gaming accessories market is remarkable. The company remains confident that the expertise of the ROCCAT PC team and the combination of strong portfolio of PC gaming mice and keyboards with its own Atlas line of PC products well position it for continued growth and higher revenues in the days to come.
Despite solid growth potential, the stock has lost 42.4% in the year-to-date period, while the industry has rallied 13.2%. The Zacks Rank #4 (Sell) company outpaced the Zacks Consensus Estimate in each of the trailing four quarters, the average positive earnings surprise being 109.9%.
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