VMEO - Why Vimeo Stock Tanked Today
Shares of Vimeo (NASDAQ: VMEO) were tumbling on Friday after the company reported disappointing second-quarter earnings. The recent spin-off from IAC/InterActivCorp was down as much as 17.1% on the news. As of 1:01 p.m. EDT, the stock was down 14.6%.
Vimeo reported a second-quarter earnings per share loss of $0.13, which was worse than the $0.05 loss analysts were expecting. The company is also seeing a worsening trend in monthly subscriber and revenue growth. Vimeo's revenue grew 46% year over year in April but has slowed every month since, hitting 35% year-over-year growth in July. Subscriber growth followed the same trend, going from 21% year-over-year growth in April down to 16% year-over-year growth in July.
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Why Vimeo Stock Tanked Today