SeaChange International Earnings: Here’s Why Shares are Down Now
SeaChange International Inc. (NASDAQ:SEAC) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 7.10%.
SeaChange International Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 412.5% to $0.82 in the quarter versus EPS of $0.16 in the year-earlier quarter.
Revenue: Rose 1339.68% to $607.4 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: SeaChange International Inc. reported adjusted EPS income of $0.82 per share. By that measure, the company beat the mean analyst estimate of $0.2. It beat the average revenue estimate of $44.69 million.
Quoting Management: “We’re very pleased with our results in the quarter, led by a strong double-digit sequential increase in revenue, non-GAAP operating income of 21% and significant cash generation,” said Raghu Rau, Chief Executive Officer, SeaChange. “The strong performance during the quarter and for the full year was driven by sales of our new products, increased product licensing revenues and aggressive cost reduction actions. These achievements underscore the noteworthy progress SeaChange has made across products, sales and operations since announcing our transformation strategy last year.”
Key Stats (on next page)…