Vimeo stock falls more than 10% after mixed Q1 results

vimeo-stock-falls-more-than-10%-after-mixed-q1-results

Vimeo Inc. VMEO, +2.32% stock dropped more than 10% in after-hours trading Wednesday after the video sharing and hosting platform reported a mixed quarter, swinging to a quarterly loss and showing revenue above Wall Street expectations. Vimeo said it lost $26.6 million, or 16 cents a share, in the first quarter, versus earnings of $3.3 million, or 2 cents a share, in the year-ago period. Revenue rose 21% to $108 million, the company said. FactSet consensus called for a loss of 15 cents on sales of $107 million. Vimeo continues to see “a global transformation with businesses adopting video as a mission-critical tool to grow revenue and increase productivity,” interim Chief Executive Mark Kornfilt said in a statement. The company guided for second-quarter revenue growth between 12% and 14% year-over-year, and an adjusted EBITDA loss between $11 million and $13 million. For the full year, it guided for an adjusted EBITDA loss between $25 million and $30 million. Shares of Vimeo ended the regular trading day up 2.3%.

Source: Marketwatch

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