Dating app Bumble announced on Tuesday that it plans to lay off approximately 350 employees as part of its restructuring strategy, which comprises about 30% of its workforce. According to the company’s Q4 report, the layoffs are aimed at driving more operational leverage and aligning its business model with its planned future strategic priorities.
As of December 31, 2022, Bumble employed over 950 full-time workers, according to a document filed with the U.S. Securities and Exchange Commission. The company spokesperson stated that the latest annual report would be published later this week.
For the quarter, Bumble disclosed a revenue of $273.6 million, an increase from $241.6 million during the same timeframe last year. It posted a net loss of $32 million or a loss of 19 cents per share. In comparison, the net loss for the same quarter in the previous year was $159.2 million, or 35 cents per share.
In response to the announcement, Bumble shares saw a drop of over 8% in Tuesday’s after-hours trading.
Bumble CEO Lidiane Jones stated that the company is taking a “significant and decisive” step to speed up its product roadmap. She conveyed her belief that these measures would bolster the company’s foundational capabilities and continue to create new and engaging user experiences fostering healthy and equitable relationships.
Bumble joins the ranks of tech companies such as Google and Amazon, which have recently announced job cuts as investors are pushing for increased efficiency. According to industry tracker Layoffs.fyi, over 170 tech companies have laid off nearly 44,000 employees to date.
