Vimeo, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, showing mixed performance in revenue and significant improvements in profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, Vimeo generated total revenue of $104.6 million, a decrease of 2% from $106.3 million in the same period of 2023. However, for the nine months ended September 30, 2024, revenue increased slightly to $313.9 million, up 1% from $311.7 million year-over-year. Notably, revenue from Vimeo Enterprise surged by 42% to $21.7 million in Q3 2024, compared to $15.2 million in Q3 2023, and for the nine months, it rose 52% to $60.2 million from $39.7 million.
Gross profit for the three months ended September 30, 2024, was $82.9 million, down from $84.5 million in the prior year, while gross profit for the nine months increased to $246.0 million from $243.4 million. Operating income improved significantly, reaching $7.4 million for Q3 2024, a 30% increase from $5.7 million in Q3 2023, and $17.4 million for the nine months, up 133% from $7.5 million.
Net earnings for the three months ended September 30, 2024, were $9.3 million, compared to $8.5 million in the same period last year, while for the nine months, net earnings rose to $25.5 million from $13.6 million. Basic earnings per share increased to $0.06 for Q3 2024 from $0.05 in Q3 2023, and for the nine months, it rose to $0.15 from $0.08.
Vimeo's cash and cash equivalents as of September 30, 2024, stood at $324.8 million, up from $301.4 million at the end of 2023. The company reported net cash provided by operating activities of $46.1 million for the nine months, an increase from $27.8 million in the same period of 2023.
Strategically, Vimeo has undergone workforce reductions, with approximately 4% of its staff laid off in Q1 2024, following an 11% reduction in Q1 2023. The company also repurchased 4.4 million shares of common stock at an average cost of $3.86 per share during the nine months ended September 30, 2024, totaling $16.8 million, with an additional 0.4 million shares repurchased post-quarter at an average cost of $4.87.
Overall, Vimeo's financial results reflect a focus on improving profitability and managing costs, despite challenges in revenue generation from certain product lines.
About Vimeo, Inc.
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