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Bumble is giving 350 of its workers the ax.
The job cuts, announced Tuesday, are meant to “better align [Bumble’s] operating model with future strategic priorities and to drive stronger operating leverage,” the dating app company said in a press release accompanying its fourth-quarter earnings.
They add to the over 45,000 workers that Layoffs.fyi has found tech firms around the world have slashed since the start of the year and to workforce reductions conducted by companies in other sectors like finance, retail and media.
“We… concluded that Bumble is not the right size or structure we need to be to meet the opportunity ahead,” CEO Lidiane Jones said in a staff-wide message. “In order to do this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicate efforts so we can accelerate how quickly we innovate and go to market.”
Atmosphere at The Cut’s “How I Get It Done,” presented by Bumble at The Premiere on Jan. 21, 2024, in Park City, Utah. (Robin Marchant/for The Cut / Getty Images)
Impacted workers started receiving notification on Wednesday, with some layoffs becoming effective immediately, according to Jones.
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The dating app company’s total headcount included over 950 full-time workers at the end of 2022, its most-recent annual report showed. That means the newly-announced layoffs could equate to nearly 37%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BMBL | BUMBLE INC. | 11.29 | -1.89 | -14.34% |
Bumble said it will give employees impacted by the layoffs “enhanced severance pay,” their yearly performance bonus, health care stipends and outplacement services, among other support, according to Jones’ message.
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The company said it anticipates seeing layoff-related costs of $20 million to $25 million. Most of that “will be recognized in the first two quarters of 2024,” it said.
The Bumble dating app logo is seen in this photo illustration on Aug. 22, 2023, in Warsaw, Poland. ( Jaap Arriens/NurPhoto via / Getty Images)
Jones said also Tuesday Bumble will relaunch Bumble App “with a compelling modern experience, geared toward capturing a broader audience and aimed at having a stronger appeal to younger users” in the second quarter. It has other initiatives in the pipeline too.
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The company notched 3.72 million paying users in total for 2023, including nearly 2.52 million on its namesake app.
