Gaming gadgets manufacturer Razer (HKEX: 1337) on Wednesday said that it might well have reached profitability in 2020, after a USD 83.5 million loss in the year before. Its Hong Kong-listed stock jumped almost 7% on the news.
The company attributes the improvement to higher-than-expected revenue growth of at least 40% year-on-year, based on unaudited management accounts.
“Despite the global market uncertainty caused by the COVID-19 pandemic, Razer had a stellar year, beating expectations and delivering an earlier than expected GAAP breakeven,” said CEO and co-founder Min-Liang Tan.
“Looking ahead, we are confident in our ability to maintain our dominant market position in hardware business, grow our software platform through expansion in user base and activity levels, and continue investing to scale up our fast-growing, high-margin services business,” he added.
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This article is part of KrASIA’s “Key Stat” series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.