Vimeo cuts 11% of its staff in layoffs, CEO cites 'uncertain economic environment' in email to employees
- Vimeo is laying off 11% of its workforce, a company spokesperson confirmed.
- Vimeo CEO Anjali Sud told staff in an email that the workforce reduction is an attempt to address deteriorating economic conditions.
Vimeo has launched another round of layoffs, a company spokesperson confirmed to Insider on Wednesday.
In an email to staff, Vimeo CEO Anjali Sud said the layoffs would impact 11% of the company's workforce.
"This was a very hard decision that impacts each of us deeply," Sud wrote in an email addressed to "Vimeans." "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."
In the email, Sud said employees would be notified via individual emails and an invitation to meet with their team leader and a member of human resources. The company employed just over 1,200 workers as of December 2021, according to its annual regulatory filing.
A Vimeo spokesperson told Insider the layoffs will help the company address economic concerns.
"With this reduction, we are well-positioned to both invest in our growth priorities and be sustainably profitable, with a strong balance sheet and a leading market position in enterprise video," the spokesperson said. "We believe in the fundamental strength of our business and our strategy, and that we have the resources and team to continue innovating to bring the power of video to every business in the world."
In July, the media company slashed 6% of its workforce, but Sud said in her Wednesday email to staff that the company has seen further deterioration since. Vimeo is one of many tech companies to conduct a series of downsizing efforts amid fears that the US is facing a recession.
Vimeo went public on the New York Stock Exchange in May 2021. The company's main business is software as a service that makes it easier for the average person to create and distribute video content; it's recently been shifting to big corporate clients like Gap, Nike, and Expedia and away from its role as a YouTube alternative.
Have a tip or more information about this story? Contact reporter from a non-work email at firstname.lastname@example.org
- BYD Seal electric sedan launched in India starting at ₹41 lakh
- Media and entertainment industry to cross ₹3 lakh crore in 2026 says FICCI, EY report
- 5 Fruits that help increase calcium
- Too many regulatory guardrails could impede growth rate: Uday Kotak
- Fair trade regulator CCI to shortly commence market study on AI