Layoffs 2024: Dating App Bumble To Cut 350 Positions
Bumble is the latest to join a growing list of firms that have cut jobs this year. The popular dating app revealed that it plans to reduce its global workforce by approximately 350 roles. Texas-based Bumble also released its fourth quarter and full year 2023 results on Tuesday.
Bumble said that the layoff is “to better align its operating model with future strategic priorities and to drive stronger operating leverage.” CNBC, citing a filing with the US Securities and Exchange Commission, reported that the platform had more than 950 full-time employees as of December 31, 2022. Bumble has also recently announced the transformation of the company’s executive leadership team.
“We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap,” said Bumble CEO Lidiane Jones in the earnings report. Lidiane Jones also added that these actions strengthen the company”s foundational capabilities and will enable them to deliver new and engaging user experiences.
The dating platform expects to incur between $20 million to $25 million as part of the layoff process. This includes employee severance, benefits, and charges for impacted employees. At the same time, Bumble has reported an increase in revenue and has surpassed $1 billion. The company mentioned in its report that its revenue increased 16.4 percent to $1,051.8 million, compared to $903.5 million.
In recent months, numerous firms have announced that they are cutting jobs. According to layoff tracking site Layoff.fyi, the tech industry has logged a total of 45,356 layoffs across 176 companies this year.
