VMEO - Why Vimeo's Shares Jumped 25.1% Today
2023-11-07 13:31:03 ET
Shares of streaming service Vimeo (NASDAQ: VMEO) jumped as much as 25.1% in trading on Tuesday after the company reported third-quarter financial results. At 1 p.m. ET shares had given back some of their gains but were still up 9.6% on the day.
Revenue was down slightly from $108.1 million a year ago to $106.3 million, but Vimeo reported $8.5 million in net income, or $0.05 per share, compared to a $21.4 million loss a year ago. The reason was operating costs dropped from $105.8 million a year ago to $78.8 million.
Analysts were only expecting $106 million in revenue and earnings of a penny per share on an adjusted basis.
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Why Vimeo's Shares Jumped 25.1% Today