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SeaChange International reported Q2 fiscal 2021 results, highlighting significant impacts from COVID-19. Total revenue dropped to $5.0 million from $18.8 million year-over-year, with a gross profit of $1.8 million (36% of total revenue). Total operating expenses decreased by 30% on a yearly basis to $8.0 million. GAAP net loss was $5.8 million, compared to a loss of $174,000 in the prior year. Despite challenges, management anticipates revenue growth in the latter half of fiscal 2021, supported by an expanded pipeline and a backlog of $20.9 million.
SeaChange International (NASDAQ: SEAC) is scheduled to hold a conference call on September 8, 2020, at 5:00 p.m. ET, to discuss its financial results for the second quarter ending July 31, 2020. A press release will precede the call, which will include a question and answer session. SeaChange provides end-to-end video delivery solutions for over 50 million subscribers worldwide, facilitating direct-to-consumer services.