Vimeo – The video hosting, sharing, and services platform company based out of New York has announced to be undergoing staff cuts on Monday, July 18 – reported by Business Insider.
In a LinkedIn post made by the CEO, Anjali Sud says “Today I shared the difficult news with our team that Vimeo is reducing our workforce by 6%, in order to give ourselves the financial flexibility to come out of this economic downturn a stronger company.”
The company currently has a total headcount of 1,450 employees, as per the company’s LinkedIn profile and the exact number of employees impacted is yet to be made public. We could learn more about the layoffs in the coming days.
The company which is publicly traded as VMEO, has yet to announce its earnings for the quarter – Vimeo which started trading in May 2021 with a launch price of $57.00 has cratered to $6.xx as of this article ~ losing more than 85% from its launch.
Vimeo has been in a strategy shift recently telling to its shareholders that the company is no longer a indie version of Youtube and is a B2B video sharing solution.
Post by Anjali Sud, CEO of Vimeo as shared on Linkedin
“Today I shared the difficult news with our team that Vimeo is reducing our workforce by 6%, in order to give ourselves the financial flexibility to come out of this economic downturn a stronger company.
While it might seem like we’re just another tech company confronting this new reality, there is no comfort in being one of many. Our people are what make Vimeo great, and losing any of them is a personal failure that I feel deeply. It’s a sad day having to tell colleagues you care about that their job has been impacted by events beyond their control.
We have truly incredible people leaving us. I have worked with many of them side-by-side over the years, and it’s because of their work that Vimeo has innovated and scaled. So I’d like to ask the extended Vimeo community of employees, alumni, partners, users and supporters to consider this talent pool in your next hire. If you know of an opportunity, please reach out to [email protected] so our team can connect you with anyone relevant who is leaving us.
For Vimeans, we will look to honor our colleagues’ contributions by continuing to build Vimeo to transform the way people communicate with video. Our leadership team and I are all in: on our strategy, our ability to win in an enormous and early market, and our commitment to building a world-class business. As a company we will continue to adapt, be resilient, and prove our beliefs— that sometimes means hard choices, which we will always make with care, empathy, and a long-term view.
I’m posting the full text of my internal email to employees here, and will be focused today on my colleagues and on moving Vimeo forward.“