Losses Widen For Restructured SeaChange
Acton-based SeaChange International reported a first-quarter loss of $19.6 million on $36.6 million in revenue for its first fiscal year quarter, which ended April 30.
The multi-screen video software company’s losses widened when compared to the same quarter a year ago, when it lost $384,000 on $40.1 million in revenue.
The recent quarter was a busy one for SeaChange, which divested itself of its broadcast servers and storage and media service businesses. The company took a $19.3-million hit during the quarter from that divestiture, representing the majority of its losses for the three-month period.
CEO Raghu Rau said the company is focused on launching its next generation of software products later this year, on reducing its cost structure and streamlining operations.
Rau expects second-quarter software revenue to be in the range of $35 to $37 million and reaffirmed a full-year software revenue guidance range of $150 to $160 million.
Read more
WBJ Web Partners
Most Recent
Most Recent
0 Comments