![]() ![]() At the same time, balances left on credit cards soared to a record high. ![]() In particular, the combination of rising interest rates (in response to skyrocketing inflation) and global recession fears sparked worrying lows in consumer sentiment. Notably, in the trailing year, VMEO stock has fallen about 77%.Īccording to TechCrunch, Sud specifically mentioned that since the July layoffs, Vimeo witnessed a “ further deterioration in economic conditions, in the form of prolonged geopolitical conflict, rising interest rates, and global recession fears.” Most of these represent understandable headwinds for VMEO stock. Unfortunately, Sud stated that the business has still deteriorated since those job slashes. In July last year, the company cut 6% of its workforce. It’s not the first time that Vimeo underwent a headcount reduction. “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 stated in part. Subsequently, they will have a chance to meet with their team leader and a member of human resources. During the process, the company will directly notify affected workers via email. “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.”Ī Vimeo spokesperson confirmed the layoff announcement to Business Insider. “This was a very hard decision that impacts each of us deeply,” wrote Sud. In an email message to staff, Vimeo CEO Anjali Sud expressed regret for the tough action. Citing various macro pressures, Vimeo’s decision to pivot to Software-as-a-Service (SaaS) may be exacerbating pain for VMEO stock, which slipped about 2% on Thursday early afternoon. On Wednesday, management announced to its employees that it would lay off 11% of the workforce. In the middle of another rough session on Wall Street, video services platform provider Vimeo (NASDAQ: VMEO) contributed its own jitters. ![]()
0 Comments
Leave a Reply. |