September 7, 2017

SeaChange revenue drops, but losses narrow

Grant Welker
SeaChange headquarters in Acton.

Acton video streaming company SeaChange drastically narrowed its net loss in the second quarter compared to a year ago after cutting expenses.

SeaChange reported a net loss of $1.5 million on Wednesday, compared to a $26.9-million loss in the same quarter in 2016.

Revenue dipped nearly 7 percent, from $18.5 million to $17.2 million. Year-to-date revenue is down 25 percent to $33.9 million. For the full year, SeaChange said Wednesday it expects revenue in the range of $75 million to $80 million, down from last year's total of $83.8 million, and for continued losses of $0.28 to $0.23 per basic share.

Cost reductions at the company have included laying off about 200 workers, which it has said will bring about $30 million in savings.

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