Here's Why Vimeo Stock Absolutely Skyrocketed Today
Shares of video platform Vimeo (NASDAQ: VMEO) absolutely skyrocketed on Tuesday after the company reported financial results for the third quarter of 2024. As of 11:15 a.m. EST, Vimeo stock was up a staggering 42% and hitting its highest price in more than two years.
In Q3, Vimeo's revenue was counterintuitively down almost 2% year over year. The company's gross margin was 79%, which was the same as last year. And it had net income of $9 million compared with net income of $8 million in the prior-year period.
These numbers don't jump off the page, but Vimeo's profitability is worth noting. The company has cut expenses, boosting its earnings per share (EPS) and free cash flow to all-time highs. And that's a big deal considering what's happening beneath the surface.
Source Fool.com
