US EditionBumble jumps 26% as dating company plans to axe 30% of workforce
- On Wednesday, Bumble Inc. revealed plans to reduce its global staff by about 30%, which amounts to roughly 240 job cuts.
- The layoffs are part of a comprehensive restructuring effort designed to adjust the company’s operational framework to better support its key strategic goals.
- Last month, the company reported disappointing earnings for the first quarter but has since increased its revenue expectations for the second quarter to a range of $244 million to $249 million.
- Bumble plans to incur one-time expenses ranging from $13 million to $18 million related to severance and other associated costs, while expecting to achieve $40 million in annual cost savings that will be invested back into product and technology development.
- Following the announcement, Bumble's shares rose more than 26%, reflecting investor confidence in the company’s strategy to improve long-term growth and resilience.
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121 Articles
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…
240 people will be laid off. The decision was also rewarded by investors, with the company's share price increasing by 25 percent after the announcement.
Bumble Swipes Left on a Third of Its Workforce
Bumble’s saying, “It’s not you, it’s me,” to 30% of its employees as the struggling dating app looks to cut costs. CEO Whitney Wolfe Herd, who returned to her post in March to lead a turnaround, said Bumble needs a “startup mentality” to start growing again. The app’s stock jumped 26% after Bumble announced the layoffs and lifted its revenue guidance for the quarter ending next week. Bumble expects to save $40 million annually from its 240-pers…
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