US firm Envivio is continuing its dire run of form with a 52% year-on-year drop in revenues in the third quarter of its fiscal 2013, attributing the poor form to lower-than-expected demand for its multi-screen processing solutions.
Revenues for the three months to October 31st reached US$ 7.2mn, and the company has also posted a net loss of US$ 5.6mn for the three months to October 31st, compared to a net profit of around half a million dollars one year earlier.
In order to ameliorate its position, Envivio has restructured its sales force, adding David Baranski as its new VP of Sales for the Americas and Shengli Han as its new VP of Sales for APAC. Current COO Kevin O’Keefe will be leaving the company on December 31, 2012.
“While demand for multi-screen video processing solutions has not developed as quickly as anticipated, partly due to broader macroeconomic uncertainties, we continue to see long term growth in the market and are positioning ourselves to meet this demand,” said Julien Signès, President and CEO, Envivio.
Under David Baranski’s leadership, Envivio plans to expand its sales presence in North and Latin America in the coming months, including adding new account executives focused on the North American cable market.