VMEO - Vimeo to lay off 11% of global workforce

• Vimeo ( NASDAQ: VMEO ) is laying off 11% of its global workforce in an effort to "become sustainably profitable" and to combat a "further deterioration in economic conditions."
• In a letter posted online, CEO Anjali Sud stated that nearly every department and region of the company will see cuts, with majority of layoffs to occur in large departments like sales and research and development.
• "We are entering 2023 with a more focused strategy to simplify Vimeo, and ultimately, our team size and composition needs to reflect that focus. 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," Sud wrote.
• The action is expected to be substantially complete by the end of the first quarter of 2023, as per the SEC filing.
• Shares of the video sharing platform jumped 4%

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