Vimeo which focuses on the delivery of high-definition video across a range of devices is sacking 11 per cent of its workforce. CEO Anjali Sud informed the staff via a blog post on Wednesday.
“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,” said Sud in the blog post.
The cuts come a half-year after Vimeo axed 6 per cent of its workforce in July 2022. The decision was taken due to the deterioration in economic conditions.
"Several things have changed since we reduced our workforce by 6% in July. We have seen a further deterioration in economic conditions. This reduction enables us to achieve our growth and profitability goals in a way that is far less dependent on the broader market, putting us in full control of our destiny,” read the blog.
Sales and development teams will be targeted in the latest layoffs. These departments account for the majority of company employees.
“There are reductions in nearly every region and department at Vimeo. The majority of people impacted are in Sales and R&D, as those departments make up the majority of our overall workforce,” said the CEO.
Vimeo is an independent publicly traded entity, which reported $108.1 million in revenue in its third quarter.