Gaming Lifestyle Brand Razer has shared its full-year financials. The Company reported another record year for revenue.
For the 12 months ended December 31, 2021, the firm shared total revenues of $1.6 billion, an increase of 33.3% on the $1.2 billion made in 2020.
The company’s gross profit also improved substantially following last year’s recuperation of losses. It shared a GAAP net profit of $43 million, an increase of over 5,000% on the $800,000 profit generated in 2020.
The bulk of the revenue was driven by hardware sales which accounted for 67% of revenues ($1.08 billion) as well the continued expansion of channels in its Services business.
Razer saw a number of core hardware launches this year, specifically across its range of PC gaming peripherals. It also noted that sales were “driven by demand in the first half of 2021 due to the pandemic.” Razer Stock was widely unfazed by the good report and the stock dropped almost 3% in Hongkong on Friday:
For the Services segment, comprised of digital payment systems Razer Gold and Razer Fintech, it reported a 26% increase year-over-year to $162.5 million, 16% of the company’s gross profit.
Razer did not share a figure for its Software business, but stated that its Software platform saw a 44.1% year-over-year increase in users to around 177.7 million, with MAUs increasing by 30%.
In March 2021, Razer unveiled a ten-year roadmap to lessen the environmental impact of its business, and pledged to switch to 100% renewable energy by 2025.