SeaChange International, Inc. (SEAC), a company that provides multiscreen, advertising, and premium over the top (OTT) video products and services, has increased by 4.59% in aftermarket trading session. As a result, SEAC stock is trading at $2.05 at the time of the writing. On Wednesday, SEAC closed the day at $1.96 after surging 9.50% during regular trading hours. The consistent surge in stock price is attributable to the company’s deal to take Triller public.
Why SEAC on Rise?
On Wednesday, SEAC together with Triller Hold Co LLC announced that they have entered into a definitive agreement and a plan of merger for the combination of SeaChange with TrillerVerz. The business combination was expected to ultimately result in the valuation of the combined company at $5 billion. TrillerVertz believes that it is positioned to become a leading AI-powered social media platform.
Q3 2022 Operational Results
On 14th December, SEAC released the operational results for the third quarter of the fiscal year 2022. The quarter ended on 31st October. The company generated total revenue of $7.15 million during the quarter against $4.96 for the same period of fiscal 2021. The total operating expenses for the three months were $5.72 million against $7.34 million for the same period of fiscal 2021. The net loss suffered by the company during the three months was $2.1 million (or $0.04 per basic and diluted share) against $5.1 million (or $0.14 per basic and diluted share) for the same period of fiscal 2021.
Executive Commentary
Chris Klimmer, Senior Vice President and Chief Revenue Officer at SEAC, while commenting on the results said that the company operates in massive markets where it leverages deep expertise, strong relationships, and long operational history to capitalize on the opportunities. The company believes that the continued execution of strategies will capture the markets and create larger value for both customers and stakeholders in the long term.
Future Outlook for SEAC
In the last few months, SEAC stock has shown a considerable surge. Looking ahead, it appears that with the business strategies in place, the stock could see positive times. Hence, the investors should opt for long-term investment in the stock.
