American video hosting and sharing service provider Vimeo has decided lay off 11 per cent of its workforce as it wants to be a more focussed and successful company, operating with the necessary discipline in an uncertain economic environment, Anjali Sud, Vimeo CEO said in a blog post.
The company made the decision to lay off employees as it delivered against its commitment of being sustainably profitable.
"We have seen a further deterioration in economic conditions, in the form of prolonged geopolitical conflict, rising interest rates, and global recession fears. We also have a better understanding of where post-pandemic demand is settling and how that might impact our self-serve growth in the near term. Finally, we have a new executive team in place with a clear plan to focus our investments on 2 business priorities: re-accelerating self-serve, and doubling down on Vimeo Enterprise," Sud wrote in her blog.
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This is the second time within one year that Vimeo has laid off its employees. Last year in July, Vimeo had reduced its workforce by 6 per cent.
The majority of people impacted are in sales and R&D, as those departments make up the majority of our overall workforce, Sud said.
"Despite this difficult change, Vimeo is entering 2023 with more clarity and structural alignment than ever before. The future of work will only become more video-first, and the world needs easy and innovative solutions to communicate and connect better. I believe in our strategy and in our team’s ability to make it happen, as do countless others. Today we will focus on showing up for our colleagues with care. And I will focus on showing up for every Vimean with both strength and humanity as we move forward," Sud wrote in a LinkedIn post.
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