Shares of Turtle Beach Corp. (HEAR) gained over 27% on Thursday morning after the company reported results for the fourth quarter and announced the acquisition of PDP, a gaming accessories provider at an enterprise value of $118 million.
HEAR is currently trading at $14.03, up $3.01 or 27.24%, on the Nasdaq. The stock opened its trading at $14.06 after closing Wednesday at $11.03. The stock has traded between $7.45 and $14.99 in the past 52-week period.
Net revenue for the fourth quarter was $99.5 million, a decrease of 1.3% compared to $100.9 million a year ago. Net income was $8.6 million or $0.47 per share, compared to a net loss of $23.2 million or $1.40 per share a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.60 per share for the quarter.
Turtle Beach to acquire PDP, a gaming accessories provider at an enterprise value of $118 million. PDP is a privately held third-party gaming accessories leader that designs and distributes aftermarket video game accessories, including controllers, headsets, power cases, and other accessories.
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