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Vimeo Laying Off 11 Percent Of Workforce, Second Major Cut In A Year
05.01.2023 - 07:29 / deadline.com
A blog posted today by CEO Anjali Sud informed Vimeo staff that another 11% of the workforce will be laid off.
Vimeo focuses on the delivery of high-definition video across a range of devices. Vimeo’s business model software as a service.
The cuts comes a half-year after Vimeo axed 6% of its workforce in July 2022. Sud blamed “further deterioration in economic conditions” for the latest round of cuts. She named “prolonged geopolitical conflict, rising interest rates, and global recession fears” as the culprits behind that meltdown.
Sales and research and development will be targeted in the latest layoffs. Both departments account for the majority of company employees, Sud said.
The company is an independent publicly traded entity. Vimeo reported $108.1 million in revenue in its third quarter derived from 1.6 million subscribers
Sud’s complete blog post:
Dear Vimeans,
Today we made the decision to reduce the size of our team by 11%. Everyone whose job is impacted has received an email and an invite for a meeting with their team leader and HR. For those leaving us: we are so grateful for your contributions and will make every effort to support you. I will be reaching out directly to offer my assistance.
This was a very hard decision that impacts each of us deeply. It is also the right thing to do to enable Vimeo to be a more focused and successful company, operating with the necessary discipline in an uncertain economic environment. It positions us to both invest in our growth priorities and be sustainably profitable while continuing to innovate to bring the power of video to every business in the world.
Why are we doing this again? Why now?
Last summer we committed to making Vimeo a sustainably profitable company.
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