Published , by Ozzie Mejia
Published , by Ozzie Mejia
Video-sharing platform Vimeo (VMEO) has reported in with its Q2 2023 earnings. Much like last quarter, the initial outlook for the company appeared pessimistic, but the company once again looks to have overachieved. According to the company's Q2 2023 earnings report, Vimeo beat revenue and EPS expectations and recorded a quarterly profit.
"Vimeo made real forward progress in the first half of 2023," Vimeo CFO Gillian Munson said in the Vimeo Q2 2023 earnings report. "We simplified operations, improved our go to market and product experiences, and launched innovative features like AI-powered editing. Compared to the first half of last year, we also delivered improved net income, positive operating cash flow, and moved from Adjusted EBITDA losses to profits with positive Free Cash Flow (FCF). With these foundational accomplishments in place, I believe we are just getting started."
Vimeo recorded $102M USD in total revenue. Wall Street had initially estimated a $0.10/share loss, but Vimeo surprised everyone by recording a $0.03/share profit, following a narrative similar to the one from Vimeo's Q1 2023 results. The company finished Q2 2023 with $278M USD cash on hand. Vimeo (VMEO) finished the trading day down $0.03, but has risen $0.27 in after hours trading as of the time of this post.
Vimeo also named Adam Gross as the company's new interim CEO. Gross has been on the Vimeo board since May 2021 and has previously served as CEO for Heroku, SVP of Marketing and Sales for Dropbox, and VP of Platform and Developer Marketing for Salesforce.
Today is a big earnings day across gaming and tech beyond Vimeo. We'll continue to keep up with the big stories here at Shacknews.