Bumble on Tuesday revealed intentions to lay off approximately 350 employees as part of a restructuring strategy. A company spokesperson stated that the reductions constitute roughly 30% of Bumble’s workforce.
According to its fourth-quarter report, Bumble mentioned that the layoffs are aimed at bolstering stronger operating leverage and aligning its operating model with “future strategic priorities.”
As of December 31, 2022, Bumble had over 950 full-time employees, as per a filing with the U.S. Securities and Exchange Commission. The spokesperson mentioned that the latest annual report would be released later this week.
The dating app recorded $273.6 million in revenue for the quarter, marking an increase from $241.6 million in the corresponding period the previous year. Bumble reported a net loss of $32 million, or a loss of 19 cents per share, compared to a net loss of $159.2 million, or 35 cents per share, in the year-ago quarter.
Bumble’s shares experienced a decline of more than 8% in after-hours trading on Tuesday.
CEO Lidiane Jones of Bumble stated in a release that the company is taking “significant and decisive” steps to expedite its product roadmap.
“We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships,” Jones expressed in the statement.
Bumble joins the ranks of tech companies announcing cuts in recent months as investors persist in pushing for efficiency. Companies such as Google and Amazon have continued to reduce headcount, with more than 170 tech firms having cut nearly 44,000 jobs, according to Layoffs.
