Razer sees record-high revenues during pandemic
Peripheral maker says "stay-at-home trends" fueled first half sales up 25.3% to $447.5m as net losses were lessened to $17.7m
Razer released its interim financials for the first half of 2020 today, showing record revenues driven in part by the COVID-19 pandemic.
For the six-month period, Razer reported revenues of $447.5 million, up 25.3% year-over-year.
That was largely driven by the company's peripherals business, which saw sales jump 56% to $252.7 million, and its laptop division, which rose 29% to $130 million.
"Despite the global market uncertainty caused by the COVID-19 pandemic, Razer has had a spectacular start to the year, driven by dominant brand position, user base expansion and stay-at-home trends," Razer chairman and CEO Min-Liang Tan said.
Razer's bottom line improved as well, but the company remained in the red. For the first half of 2020, Razer reported net losses of $17.7 million, compared to $47.7 million in losses for the same period of 2019.
The company said it did have supply chain issues that delayed planned product launches in April, but the problems in the chain were mostly resolved by mid-March.
Razer also confirmed that it halted Razer Phone sales in the first half of the year, finalizing its withdrawal from a market it entered less than three years ago.