Summary
Bumble, a dating app company, is cutting nearly one-third of its workforce to address growth challenges and declining investor interest. The company aims to save money and focus on other areas like technology development to improve its future prospects.
Key Facts
- Bumble plans to cut around 240 jobs, which is about one-third of its workforce.
- The job cuts aim to save the company $40 million per year.
- Bumble was valued at over $13 billion when it went public in 2021.
- Bumble’s shares have dropped sharply and are now worth less than $7 each.
- The dating app industry is seeing less investor interest and similar struggles are faced by companies like Match and Tinder.
- Bumble has 4.1 million paying users, with a minor revenue increase of less than 2% and overall financial losses.
- Bumble founder Whitney Wolfe Herd returned as CEO in March to help improve the company's situation.
