Vimeo is the latest firm to join the list of companies laying off due to the high inflation, a company spokesperson confirmed to Insider on Monday.
Vimeo currently has over 1,200 workers. The company went public on the New York Stock Exchange in May 2021. The exact number of jobs impacted could not be immediately learned.
Vimeo isn’t the only tech company that is cutting down jobs amid fears that the US is entering a recession.
Last month, Elon Musk said Tesla plans to lay off 10% of its salaried workforce. Coinbase laid off 1,100 employees or about 18% of its staff in June. Meanwhile, Meta slowed hiring in May and has reportedly warned some staff that cutbacks are coming.
Vimeo’s primary business is software as a service that makes it easier for the average person to create and distribute video content; it’s recently been shifting to big corporate clients like Gap, Nike, and Expedia and away from its role as a YouTube alternative.
“Today we are a technology platform, not a viewing destination. We are a B2B solution, not the indie version of YouTube,” its CEO Anjali Sud wrote in a letter to shareholders earlier this year.