IT and consumer electronics retailer Harris Technology (ASX: HT8) has delivered a whopping 206% increase in quarterly year-on-year revenue partially assisted by the demand of high-end gaming graphic cards used for Bitcoin mining.
For the quarter ended 31 March 2021, Harris Technology has reported $10.4 million (unaudited) in sales revenue which would represent a 206% increase from the $3.4m reported for the previous corresponding quarter. Making the surge in sales even more impressive is that the March quarter is traditionally the slowest of the year for retail, coming after Christmas and before tax-time sales in June.
The record quarterly sales for Harris Technology was partially attributed to their entry into the Gaming category where gaming emerged as one of the most popular forms of entertainment during the pandemic. As new gamers have evolved, seeking more advanced gaming products, Harris Technology has reported an increase in sales of their custom-built components, gaming products and high-end graphics cards.
“Our strategy in expanding into the Gaming category is paying dividends. Recent demand on gaming graphic cards due to high Bitcoin prices has increased our gaming product revenue,” said Harris Technology CEO, Garrison Huang.
“By identifying market trends and proactively working with vendor partners, we are able to consistently secure supply and ensure healthy stock levels of the most in-demand products, capitalising on these commercial opportunities.
“I want to thank our team members who once again worked very hard in all areas of business operations to meet challenges brought upon by the exponential growth Harris Technology is experiencing as we have continued to pre-empt market trends.”
As the leading tech retailer on the Amazon Australia marketplace and with their sales rapidly rising on the eBay marketplace, Harris Technology has been, and continues to be a reliable source of high-performance gaming products. While high power graphic cards used for Bitcoin mining are facing a global shortage at a time where Bitcoin is trading at an all-time high, Harris Technology once again was able to pivot and benefit from this new trend.
The bumper result continues a remarkable year for Harris which has leveraged their long-time relationship with it global vendor partners and local distributors to shore up supply of most in-demand products. This has taken their Year-to-Date revenue beyond $30m (unaudited) which represents a 300% increase over the previous corresponding period of $7.48m.
Further readying for upcoming trends in the post-pandemic environment, Harris Technology is actively in discussions with gaming products and home appliance brands to increase their online retail range to meet increasing demands.
Over the next six years, the global gaming market is expected to grow by 10.6% annually and be worth USD $295.6 billion by 2026, which factors in increased gaming activity brought upon by COVID-19. The Asia Pacific region remains the largest commercial market.
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Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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