Friday, January 27, 2023

Vimeo cuts 11% of its workforce due to “uncertain economic environment”.

  • Vimeo laid off 11% of its workforce, a company spokesperson confirmed.
  • Vimeo CEO Anjali Sood told employees in an email that the downsizing was being done to address the worsening economic situation.
  • The company cut 6% of its workforce in July, citing similar concerns.
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Vimeo is making a new round of staff cuts ahead of a financially difficult 2023, company spokesperson confirms insider on Wednesday.

In an email sent to its employees, Vimeo CEO Anjali Sood explained that the layoffs would affect 11% of the workforce.

“It was a very difficult decision that deeply affects each one of us,” Sood wrote in his message.

“It’s also the right thing to do to allow Vimeo to become a more focused and successful company operating with the discipline necessary in an uncertain economic environment,” he added.

Vimeo to have 1,200 employees on staff in 2021

In the email, Sood said that employees will be informed through personal messages and an invitation to meet with their team leader and a member of human resources.

Vimeo reported that it employed just over 1,200 workers by the end of the year 2021, according to its latest available annual regulatory filing.

A Vimeo spokesperson told insider The layoffs will help the company address economic concerns.

“With this shortfall, we are well-positioned to invest in our growth priorities and become sustainably profitable,” the spokesperson said.

“We believe in the fundamental strength of our business and our strategy,” he said.

In July 2022, the company cut its workforce by 6%, but the company has seen further declines since then, Sood explained in his email to employees.

Vimeo goes public on the New York Stock Exchange in May 2021

The company’s core business is software as a service that makes it easy for the average person to create and distribute video content.

It has big corporate clients like Gap, Nike and Expedia and has moved away from its role as a YouTube alternative.

Nation World News Desk
Nation World News Desk
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