Lots of custom infrastructure. A bit of losing money as well, but moderately profitable on the whole. They were a publicly traded company in their own right from 2021 to 2025, so you can look at the 10-Ks. There was a massive boost in business from COVID in 2020 and early 2021... which meant that the spinoff in May 2021 left investors in a position to be perpetually disappointed, sort of like Peloton.
The spinoff definitely came at a particularly bad time, but that was always how it was going to end up because that is how IAC operates. Vimeo was probably doomed from the moment IAC acquired Connected Ventures. It was never going to be the kind of business that could really operate as a public company, but totally could have been a profitable private company.
