Vimeo Inc. posted its first quarter results with upward of $100 million in revenue Wednesday, but the video-software company also saw its losses expand slightly.
The company recorded a third-quarter net loss of $11.7 million, or 7 cents a share, compared with a loss of $9.8 million, or 6 cents a share, in the year-earlier quarter. Analysts surveyed by FactSet were modeling a GAAP loss per share of 10 cents.
Vimeo
VMEO,
reported adjusted earnings before interest, taxes, depreciation and amortization of $800,000, whereas it posted adjusted Ebitda of $2.7 million a year earlier. The FactSet consensus was for a $6.7 million loss on the metric.
Revenue grew to $100.1 million from $75.1 million a year ago, and came in flat with the FactSet consensus. This marked the first quarter that Vimeo topped $100 million in revenue.
Vimeo’s revenue from enterprise customers grew more quickly than the overall company total and was up more than 60% in the period relative to a year earlier. The company has more than 6,000 paying enterprise customers.
See more: Vimeo CEO says company is trying to ‘create a market that was never there’
The company recently launched a new events feature, which it says enables businesses to conduct virtual events “without the need for a dedicated production team.”
Vimeo separated from IAC/InterActiveCorp.
IAC,
in May and posted its second earnings report since becoming a standalone public company.
Shares of Vimeo are off 22% over the past three months, while the S&P 500
SPX,
has risen roughly 5%.
This post was originally published on Market Watch
