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Vimeo rings within the new yr with one other spherical of layoffs, affecting 11% of its workforce. In an electronic mail to employees at this time, CEO Anjali Sud cited an “unsure financial setting” as the rationale for the discount.
“This was a really onerous resolution that impacts every of us deeply. It’s also the appropriate factor to do to allow Vimeo to be a extra targeted and profitable firm… It positions us to each put money into our progress priorities and be sustainably worthwhile whereas persevering with to innovate to carry the facility of video to each enterprise on the planet,” Sud wrote. She added that impacted staff have been instructed through particular person emails and have been despatched an invite to fulfill with their staff chief and a member of human assets.
Staff within the Gross sales and Analysis & Growth departments made up nearly all of the layoffs.
This isn’t the primary spherical of layoffs for the video internet hosting platform, which minimize 6% of its employees in July 2022. For the reason that July layoffs, Vimeo has seen a “additional deterioration in financial circumstances, within the type of extended geopolitical battle, rising rates of interest, and international recession fears,” Sud mentioned. In November, the corporate reported its third-quarter earnings, exhibiting a lack of about 100,000 subscribers from the earlier quarter and an working lack of $22.9 million.
Nevertheless, Sud is assured that Vimeo could make a comeback. “We’re getting into 2023 with a extra targeted technique to simplify Vimeo, and finally, our staff measurement and composition must replicate that focus,” she wrote. “This discount permits us to realize our progress and profitability targets in a approach that’s far much less depending on the broader market, placing us in full management of our future.”
In Could of final yr, Vimeo went public on the New York Inventory Change. Launched in 2004, Vimeo now claims over 260 million customers, together with large firms, small companies, organizations and content material creators.
As of December 2021, Vimeo employed 1,219 full-time employees, per its annual regulatory submitting.
Vimeo joins the rising checklist of tech firms which have downsized up to now few months, from Salesforce and Twitter to Meta, Amazon and extra.
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