Here's Why Vimeo Stock Absolutely Skyrocketed Today
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Shares of Vimeo (VMEO) surged 42% after the company reported its Q3 2024 financial results. Despite a nearly 2% year-over-year revenue decline, Vimeo achieved a gross margin of 79% and record earnings per share and free cash flow due to expense cuts. Notably, bookings for its enterprise platform rose 39%, now making up 25% of total bookings. The stock was previously undervalued, trading at two times sales and 16 times free cash flow, suggesting potential for further growth if the enterprise platform continues to scale profitably.
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