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Bumble Cuts 350 Roles In Restructuring

By Nithya Bose in Business News, posted February 28, 2024

Bumble said it’s laying off about 350 employees, or nearly 30 percent of its total staff, to enhance operational efficiency and realign with its strategic goals.

This announcement was made alongside the release of its fourth-quarter financial results.

The company had over 950 employees on record as of the end of 2022.

It expects to publish its latest annual report within the week.

The dating app company reported quarterly revenue of $273.6 million.

This is an increase from $241.6 million in the previous year's corresponding period.

However, Bumble also reported a net loss of $32 million, or 19 cents per share.

This is an improvement from a net loss of $159.2 million in the same quarter last year.

CEO Lidiane Jones stated that the firm is undertaking "significant and decisive" measures to expedite its product development.

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She said: “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.”

This move places Bumble among a growing list of tech firms that have recently downsized, driven by investor demands for greater efficiency.

Major companies like Google and Amazon have made similar cuts.

According to Layoffs.fyi, a tracker of industry layoffs, over 170 tech companies have recently eliminated close to 44,000 jobs.