Bumble has announced plans to let go of around 240 employees, which amounts to 30% of its workforce.
The company made this decision as part of a larger plan to restructure its operations and adjust to changes in the online dating industry, which is currently struggling to maintain user interest.
The job cuts come at a time when many dating apps are losing users, especially younger ones, and finding it hard to keep people engaged.
Bumble’s main competitor, Match Group, also reduced its workforce by 13% just last month.
This decision follows the return of Bumble’s founder, Whitney Wolfe Herd, to the role of CEO three months ago.
She took over again with a focus on improving the quality of matches on the platform.
Despite challenges, Bumble has increased its expected revenue for the second quarter of the year, now aiming between $244 million and $249 million, which is higher than earlier estimates.
Although Bumble’s shares jumped by 22% in early trading after the news, the company has still lost much of its market value since its public launch in 2021.
Once valued at around $15 billion, its worth has now dropped to just over $500 million.
Bumble expects to spend about $13 million to $18 million on costs related to the layoffs, most of which will reflect in the third and fourth quarters of 2025.
However, the company said it will save about $40 million every year from this decision. It plans to use these savings to build new features and improve its technology.
