Shares of Vimeo Inc. (VMEO) soared 6.16% on November 7th, 2024, hitting a new 52-week high of $7.18 after the company reported impressive earnings and revenue growth in its latest quarterly results.
The video hosting and sharing platform beat analysts' earnings estimates in the fourth quarter, reporting earnings per share of $0.05 compared to the consensus estimate of $0.01. Vimeo's revenue for the fiscal year is expected to reach $411.99 million, representing a year-over-year decline of 1.25%, but its earnings per share are projected to grow by 7.69% to $0.14.
Analysts are optimistic about Vimeo's growth prospects, with the company currently holding a Zacks Rank of #1 (Strong Buy) and a favorable Value-Growth-Momentum (VGM) Score of B. Vimeo's strong performance is attributed to its growing popularity and its ability to capitalize on the increasing demand for video content and online collaboration tools, particularly in the post-pandemic era.
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