Hong Kong-listed gaming firm Razer on Monday updated its guidance, signaling an adjusted profit before tax for its fiscal year 2020. This comes after a USD 40.3 million loss in 2019.
“2020 looks set to be a banner year for Razer,” said co-founder and CEO Min-Liang Tan in a statement, adding that Razer saw continuous growth momentum in hardware, software, and other services.
The company said that the improvement was driven by increasing hardware margins. In the first three quarters, with consumers mostly locked in their homes due to COVID-19, demand for gaming peripherals experienced significant growth, leading to gains in market share. Razer’s e-payment services also registered strong volume growth year-on-year.
“Our robust business performance has accelerated our progress to deliver on our long-term strategy and growth ambitions,” said Tan. Razer shares jumped 18.18% on Monday, closing at a 2-year high of HKD 2.73.
Back in August, the company reported a 25% revenue increase for the first half of 2020 and a net loss of USD 17 million.