SeaChange revenue up 17%
Grant Welker
SeaChange headquarters in Acton. The company appears to be on a financial turnaround.
SeaChange International, an Acton video streaming company, saw revenues rise by 17 percent in the third quarter and the company nearly broke even after sustained losses.
Revenue rose to $23.4 million, while the net loss was $220,000, SeaChange announced in an earnings report Wednesday.
The third-quarter results are a marked improvement over the prior quarter, when SeaChange lost $1.5 million. Year-to-year results were also better, as the company lost $8.8 million in the third quarter of 2016.
Year-to-date, SeaChange revenue is down 4 percent.
The company has struggled in recent years, laying off about 200 employees earlier this year for an estimated $30 million in savings.
SeaChange said it expects fourth-quarter revenue in the same general range as the third quarter, from $20 million to $24 million. For the full fiscal year, SeaChange said Wednesday it has improved its outlook to expect $77 million to $81 million in revenue.
Editor's note: This story has been corrected to reflect a 17-percent rise in SeaChange's revenue.
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