SeaChange (NASDAQ:SEAC) drops 12% is after-hours buying and selling after reporting a income miss in a pandemic hit quarter.
“As anticipated, our enterprise continued to be impacted by COVID-19 throughout the second quarter, as our clients and potential clients held off on making new expertise investments and deployment choices in favor of supporting their current operations and infrastructure via the continuing uncertainty,” stated CEO Yossi Aloni.
Q2 Income fell 73.4% to $5M; product income dropped 90.8% to $1.1M; service income was 3.9M, decline of 42.6%.
Income backlog was $20.9M in comparison with $16M on the finish of Q2.
Gross revenue fell 83.5% to $1.8M.
Whole working bills have been $8M vs. $11.5M in Q2 2019. Ongoing cost-optimization measures produced a 9% Q/Q and 31% Y/Y lower in working bills.
GAAP web loss widened to $5.8M from a lack of $174K in the identical interval final yr.
Non-GAAP loss from operations of $5.1M, in comparison with non-GAAP revenue of $991K in Q2 2019.
Web money utilized in working actions decreased to $5.5M vs. $8M in prior yr.
Q2 Highlights: Secured a brand new win with a U.S.-based regional cable tv supplier for the Framework video supply platform.
Expanded relationship with Amazon Net Companies (AWS) to offer new functionalities for Framework platform with AWS machine studying providers.
Beforehand: SeaChange EPS in-line, misses on revenue (Sept. 8)
