SeaChange International said revenues on new products climbed in Q3 as the multiscreen video specialist continued to shed most of its financial reliance on older, legacy products and technologies.
“We continue to grow our new product revenue, while effectively managing the decline in our legacy revenue, which now accounts for just 3% of our total revenue,” CEO Jay Samit said Thursday on the company’s earnings call. “We are delighted that the significant declines in our legacy product revenue which have impacted our results over the last few years are now largely behind us.”
By comparison, new products accounted for 86% of product revenue in the quarter, and 19% of total revenue.
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