Gaming hardware company Razer recorded a huge year on year growth of 48 per cent yesterday as its revenues for the full year 2020 soared to $1.2bn. Showing that it’s more than just digital games that have benefitted from the lockdown.
The growth in sales drove gross profits up by 22.3 per cent, with cashflow of $152.9m and a cash balance of over $600m now.
The core hardware business saw a 51.8 per cent growth across mouse, keyboard and headset products. While premium laptop systems also saw growth. And the company increased user accounts for its software installs by 53.8 per cent. While it also saw strong growth in its payment services area.
“2020 was a stellar year for Razer and one that marked an inflection point for the business. Despite the global market uncertainty caused by the COVID-19 pandemic, Razer crossed the US$1 billion revenue milestone and turned profitable on a GAAP basis, ahead of all expectations. This performance reflects our dominant brand position, compelling offerings across our ecosystem of hardware, software and services, and strong execution. We intend to carry on the momentum and the strength of our operations into 2021 as we continue to seek to deliver both outsized revenue growth and continued profitability in 2021, and beyond,” said Min-Liang Tan, Co-Founder and CEO of Razer.
“In addition to delivering a strong set of results for full year 2020, we remain a global Environmental, Social and Corporate Governance (“ESG”) leader in the corporate space. We are not just fully compliant with the ESG standards set out by the Hong Kong Stock Exchange but have gone above and beyond to outline how we, as one of the largest youth and millennial brands in the world, intend to contribute towards a more sustainable future in our #GoGreenWithRazer manifesto,” he said.