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Here is why SeaChange International Inc. (SEAC) stock soared in the after-hours on Monday?

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SeaChange International Inc. (SEAC) shares surged 9.17% in after-hours on Monday, September 13, 2021, and closed the daily trading at $1.19. However, it commenced the Monday trading by losing 1.80% in the normal trading session. SEAC shares have risen 9.83% over the last 12 months, and they have moved up 5.83% in the past week. Over the past three months, the stock has lost 3.54%, while over the past six months, it has shed 14.84%. The company has a current market of $49.89 million and its outstanding shares stood at 41.31 million.

Let’s have a look at its recent news and developments.

SEAC recent financial results announcement

On September 13, 2021, SeaChange International, Inc (SEAC) reported financial and operational results for the fiscal second quarter ended July 31, 2021.

Q2 2022 financial highlights

  • SEAC reported total revenue of $6.5 million, compared to $5.1 million in the first quarter of fiscal 2022 and $5.0 million in Q2 2021.
  • In Q2 2022, Gross profit was $4.1 million compared to $2.8 in Q1l 2022 and $1.8 million in Q2 2020.
  • Total operating expenses were $6.6 million in Q2 2022 compared to $5.6 million in Q1 2022 and $8.0 million in Q2 2020.
  • It reported a GAAP net loss of $0.2 million in Q2 2022 compared to a net loss of $4.1 million, or $0.10 per basic share in Q1 2022, and a net loss of $5.8 million in Q2 2020.

SEAC powered Popcornflix app

On September 13, 2021, the newly enhanced Popcornflix app, launched by Crackle Plus, is now running on a streaming and integrated advertising platform built and powered by SeaChange International, Inc. (SEAC). The new Popcornflix app is available on iOS, Android, Apple TV, and the Web with additional platforms to follow.

SEAC participation in the recent investor conference

SeaChange International, Inc (SEAC) recently participated at the 10th Annual Gateway Conference which was held virtually on September 8-9, 2021.

SEAC collaboration with AWS

On August 9, 2021, SeaChange International, Inc (SEAC) strengthened its longstanding collaboration with Amazon Web Services (AWS) to enable enhanced data analytics on top of its fully migrated, cloud-based video delivery platform.

SeaChange is leveraging AWS’ artificial intelligence (AI) and machine learning (ML) services to facilitate a robust understanding of end-user engagement and improve customer business outcomes, since 2016. Now, with Amazon SageMaker, SeaChange customers will be able to easily deploy ML use cases like predictive maintenance, computer vision, and predicting customer behaviours.

Conclusion

The improved financial results for Q2 2022 were the reason behind its after-hours gains on Monday and we can expect it to perform well in the coming trading sessions.

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