Bumble Lays Off 30% Amid Industry Shift

Bumble Inc. announced it will lay off about 240 employees, representing 30% of its global workforce, as part of a cost-cutting and restructuring effort aimed at addressing stagnating user growth and changing industry trends. The company expects the layoffs to save around $40 million annually, with plans to reinvest these funds in product innovation and technology. CEO Whitney Wolfe Herd, who recently resumed leadership, stated the move is necessary to make Bumble more resilient as younger generations shift away from using dating apps. Bumble's stock surged over 20% after the announcement, despite reporting an 8% year-over-year revenue decline and a significant drop in user numbers over the past year. Severance costs are estimated to range from $13 million to $18 million, with no immediate details on specific roles affected. The company is focused on improving user experience and rebuilding its member base to support long-term growth.