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Bumble jumps 26% as dating company plans to axe 30% of workforce
AUSTIN, TEXAS, JUN 26 – Bumble will cut 30% of its workforce, saving $40 million annually to reinvest in technology and product development amid challenges in user engagement and market competition.
- On Wednesday, Bumble Inc. revealed plans to reduce its global workforce by about 30%, affecting nearly 240 positions.
- The layoffs follow weak first-quarter earnings and are part of a broader restructuring to realign the company's operating structure.
- Bumble plans to invest $40 million in annual savings from the cuts into product and technology development, aiming to optimize execution on strategic priorities.
- The company updated its second-quarter revenue forecast to $244 million–$249 million and adjusted EBITDA to $88 million–$93 million, up from previous ranges.
- Shares rallied over 26% following the announcement, reflecting investor approval of Bumble's move to restructure amid declining market value since its 2021 IPO.
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129 Articles
The dating application Bumble grants almost a third of its staff, in the context of the doubts of investors about its prospects, transmits BBC. In a note to employees, executive director Whitney Wolfe Herd,...
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Dismissal of some 240 employees is part of a cost reduction strategy
Bumble Announces 240 Layoffs in $40 Million Cost-Saving Move
Online dating company Bumble has announced that it will lay off about 30 percent of its global workforce. The Austin, Texas, company published a filing with the Securities and Exchange Commission on Wednesday that stated its board of directors had approved reducing its global workforce by 240 employees. The filing said the move will cut costs by as much as $40 million annually. The move was part of an ongoing mission to realign the company’s ope…
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