Vimeo rings within the new 12 months with one other spherical of layoffs, affecting 11% of its workforce. In an e-mail to employees as we speak, CEO Anjali Sud cited an “unsure financial atmosphere” as the explanation for the discount.

“This was a really exhausting choice that impacts every of us deeply. It is usually the appropriate factor to do to allow Vimeo to be a extra targeted and profitable firm… It positions us to each put money into our progress priorities and be sustainably worthwhile whereas persevering with to innovate to convey the facility of video to each enterprise on the earth,” Sud wrote. She added that impacted staff had been instructed by way of particular person emails and had been despatched an invite to satisfy with their workforce chief and a member of human sources.

Staff within the Gross sales and Analysis & Growth departments made up the vast majority of the layoffs.

This isn’t the primary spherical of layoffs for the video internet hosting platform, which minimize 6% of its employees in July 2022. For the reason that July layoffs, Vimeo has seen a “additional deterioration in financial circumstances, within the type of extended geopolitical battle, rising rates of interest, and world recession fears,” Sud stated. In November, the corporate reported its third-quarter earnings, displaying a lack of about 100,000 subscribers from the earlier quarter and an working lack of $22.9 million.

Nonetheless, Sud is assured that Vimeo could make a comeback. “We’re coming into 2023 with a extra targeted technique to simplify Vimeo, and in the end, our workforce measurement and composition must mirror that focus,” she wrote. “This discount allows us to attain our progress and profitability objectives in a manner that’s far much less depending on the broader market, placing us in full management of our future.”

In Might of final 12 months, Vimeo went public on the New York Inventory Trade. Launched in 2004, Vimeo now claims over 260 million customers, together with huge firms, small companies, organizations and content material creators.

As of December 2021, Vimeo employed 1,219 full-time staff, per its annual regulatory submitting.

Vimeo joins the rising record of tech firms which have downsized up to now few months, from Salesforce and Twitter to Meta, Amazon and extra.