Q2 2024 Vimeo Inc Earnings Call Transcript
Key Points
- Vimeo Inc (VMEO) reported a 2% revenue growth in Q2, driven by a 55% increase in Vimeo Enterprise revenue.
- The company generated $20 million in free cash flow and ended the quarter with $311 million in cash and equivalents.
- Vimeo Inc (VMEO) plans to increase investments in growth opportunities in the latter half of the year.
- The company is focusing on driving innovation and customer success, including the introduction of AI features like translations.
- Vimeo Inc (VMEO) has a strong global network, with over 50 billion video views and 8 billion minutes of video housed for companies and individuals.
- The self-serve business segment was down 9% year-over-year, despite improvements in operational efficiency.
- The company reduced paid marketing spend for the self-serve segment by about 50%, impacting its growth.
- Vimeo Inc (VMEO) does not expect the self-serve business to grow in 2024.
- The company anticipates that near-term investments will make the business appear less efficient, as indicated by their guidance.
- Enterprise subscriptions were flat quarter-over-quarter, despite strong revenue and bookings growth.
Hello. And thank you for joining Vimeo's Q2 2024 earnings live Q&A. Before we begin, a few comments. First, this session will be recorded and available on the Vimeo Investor Relations site later today. Second, we will discuss Vimeo's outlook and future performance. These forward-looking statements typically may be preceded by words such as we expect, we believe, we anticipate, or other such statements. These forward-looking views are subject to risks and uncertainties, and our actual results could differ materially from the views expressed today.
We've also provided information regarding certain key metrics and our non-GAAP financial measures, including certain forward-looking measures. These should be considered in addition to and not as a substitute for or in isolation from GAAP measures. Additional information regarding Vimeo's financial performance, including reconciliations with comparable GAAP measures can be found in our shareholder letter and Vimeo's filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website.
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