Razer Reports $821M in Revenues, Achieved Breakeven in H2 2019
- Gaming hardware manufacturer Razer reported its 2019 full-year financial results with total revenues up 15.2% to $821M USD compared to $712M in 2018.
- Razer plans further investment to develop mobile gaming, including mobile esports platforms, teams, and tournaments.
- Executive Director Thiong Joo Edwin Chan has resigned from his position on the board of directors. In his place, Razer appointed Chong Neng Tan as an executive director.
Yesterday, gaming hardware manufacturer Razer reported its 2019 full-year financial results with total revenues up 15.2% to $821M compared to $712M in 2018. The company generated a total loss of $83.47M, which narrowed losses by $13.5M compared to the full-year result of 2018.
“2019 was another strong year for Razer as revenues reached a record high of $820.8M and we achieved adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) breakeven in the second half of the year. Our core gaming ecosystem business saw broad-based growth across all business segments of hardware, software, and services, while we continued to scale our new growth initiatives with ongoing investments,” said Min-Liang Tan, co-founder and CEO of Razer, in a release. “We have no debt and our strong cash position allows us to weather challenging global economic conditions such as the current uncertainty that has resulted from the COVID-19 outbreak he added.”
The adjusted EBITDA breakeven Tan mentioned, is excluding Razer’s exited mobile handset business. As of Dec. 31, 2019, the company reported cash and cash equivalents of $528.3M. Additionally, shareholders were informed that further investment is planned to develop mobile gaming, including mobile esports platforms, teams, and tournaments.
Razer included an initial assessment of the novel coronavirus (COVID-19) situation in its report. In the first quarter of 2020, the company saw consumer demand remaining strong. A short-term impact on the company’s hardware supply was addressed by mid-March. Razer expects to see more opportunities and growth for its gaming ecosystem due to the “stay-at-home” situation.
Furthermore, Razer announced that Thiong Joo Edwin Chan has resigned as an executive director of the company’s board of directors but will remain as Razer’s chief investment officer. In his place, Razer appointed Chong Neng Tan as an executive director.
Source: Read Full Article