Video hosting platform Vimeo announces 11 percent layoff of employees
Video hosting platform Vimeo has announced 11 percent layoff of its employees.
Vimeo CEO Anjali Sud stated 'uncertain economic environment' as one of the key reasons behind taking the move.
Sud wrote in her blog post: " 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."
Giving reason for taking such a step, she said: "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."
"Last summer we committed to making Vimeo a sustainably profitable company. We delivered against that commitment by achieving positive adjusted EBITDA and positive free cash flow in Q3 of 2022— but as we’ve discussed, our bookings and revenue trends require ongoing cost discipline to maintain that trajectory going forward," read the statement.
The company made the announcement at a time when the several IT companies have decided to remove employees.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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