Razer Revenue Up 25% Amid COVID Gaming Boom

Gaming peripherals manufacturer, Razer, has reported a 25% year-on-year jump in first-half revenue to US$447 million, as home-bound consumers prompt a record boom in esports amidst the coronavirus pandemic.

“The global ‘stay-at-home’ situation has boosted user engagement with gaming and esports to record levels,” states Razer co-founder and Chief Executive, Min-Liang Tan.

For the six months through June, Razer’s hardware business contributed 86% of total revenue, with software largely the remainder.

Hardware product revenue climbed 26% on the year to US$382 million, with total user accounts for its software lifting to around 100 million global users.

Despite this, Razer reported a net loss of US$17 million, down from the US$48 million loss the year prior.

The company is focused on increasing profitability via new hardware introductions in the second half of the year.

The Singapore-based company has also announced that it’s exploring the potential of launching a global digital banking business, targeting youths against traditional financial institutions.

“What we are doing right now is that we are exploring different jurisdictions for digital banking licenses,” said Chief Strategy Officer, Lee Li Meng.