Given the uncertainty of the economic environment, Vimeo has decided to axe 11 per cent of the jobs in the organisation. The American video-hosting platform intends to focus on growth areas to ensure sustainability and profitability. Those in the sales and research and development (R&D) departments have been impacted the most.
The impacted staff members have been informed and asked to get in touch with their team leaders and the human resources department.
Earlier last year, that is, in July 2022, the platform had asked about six per cent of its workforce to leave. Since then, economic affairs have taken a turn for the worse, given the rising inflation and fears of recession across the world.
In the third quarter, Vimeo incurred operating losses to the tune of about $22.9 million. It lost about one lakh subscribers.
Post these layoffs, the Company hopes to recover rapidly with a more focussed strategy and a leaner team. The company wishes to rely less on the market and have more control while pursuing its profitability goals.
The almost two-decade old New York-based video-sharing and services platform went public on the New York Stock Exchange. It boasts of a subscriber base of more than 260 million, including large corporates and organisations, as well as small businesses and content creators.
Anjali Sud is the CEO of the platform, who reportedly called this layoff decision a very tough but responsible one.
