Sonic Foundry posts losses, restructures

For its fiscal quarter ending March 31, Madison-based Sonic Foundry Inc. saw an 11% decrease in revenue, with $8.6 million compared to $9.6 million for the same quarter in 2016.

Its net loss was $1.5 million (33 cents/share) compared to a net loss in 2016 of $711,000 (16 cents/share).

In a release, the company stated that while its North American business performed close to expectations, international activity fell behind.

The company also announced a restructuring aimed at reducing corporate overhead expenses between $2 and $3 million annually, reducing headcount, and reorganizing the sales team.

Sonic Foundry will also withdraw previously issued annual guidance and re-evaluate providing guidance at the start of its next fiscal year.