• by Karlene Lukovitz  @KLmarketdaily, January 5, 2023

Vimeo is implementing its second round of layoffs since last July.

The video streaming company, which had 1,219 full-time employees worldwide as of the end of 2021, laid off 6% in July 2022 and now plans to lay off 11% of its global workforce.

The new round of layoffs are “part of the company’s effort to focus on its top priorities, and to put itself in position to become sustainably profitable,” Vimeo stated in an SEC filing on Wednesday.

The company made the “very hard decision” in order to enable Vimeo to be “more focused” and operate with “the necessary discipline in an uncertain economic environment” that has seen “further deterioration” since last summer, CEO Anjali Sud stated in a memo to staff.

Vimeo, which became in independent, publicly traded company when it was spun off from IAC in 2021, saw revenue rise 8%, to $108 million, in Q3 2022, but also reported a higher net loss — $21.4 million, up from $11.7 million in the year-ago quarter—and a 1% decline in subscribers, to 1.64 million.

In full-year 2021, Vimeo had a 38% revenue increase, to $392 million. Its net loss rose to $52.8 million, from a loss of $50.6 million in 2021.