Bumble to lay off 350 employees, or about 37% of its workforce

Bumble to lay off 350 employees, or about 37% of its workforce


The Bumble application is displayed on a smartphone in New York on Nov. 6, 2023.

Gabby Jones | Bloomberg | Getty Photographs

Bumble on Tuesday declared programs to lay off about 350 staff members, or about 37% of its workforce, as component of a restructuring strategy.

The business stated the layoffs will help generate more robust working leverage and align its working product with “long run strategic priorities,” in accordance to its fourth-quarter report. Bumble experienced more than 950 entire-time staff as of Dec. 31, 2022, in accordance to a submitting with the U.S. Securities and Trade Fee.

The relationship application described $273.6 million in income for the quarter, up from the $241.6 million it reported in the exact time period very last yr. Bumble posted a web reduction of $32 million, or a loss of 19 cents per share, as opposed to the yr-back quarter, when the company described a internet loss of $159.2 million, or 35 cents for every share.

Shares of Bumble fell a lot more than 8% in right after-several hours buying and selling Tuesday.

Bumble CEO Lidiane Jones said in a assertion that the corporation is taking “major and decisive” action to accelerate its solution roadmap.

“We believe these actions will improve our foundational abilities and help us to go on offering new and partaking user ordeals that make balanced and equitable relationships,” Jones said in the release.

Bumble is the latest corporation in the tech sector to announce cuts in recent months, as investors continue on to push for performance. Firms such as Google and Amazon have ongoing to trim headcount, and a lot more than 170 tech organizations have slice approximately 44,000 jobs, in accordance to Layoffs.fyi, an market tracker.

Never skip these tales from CNBC Pro:



Source

23andMe to delist from Nasdaq, deregister with SEC
Technology

23andMe to delist from Nasdaq, deregister with SEC

A sign is posted in front of the 23andMe headquarters in Sunnyvale, California, on Feb. 1, 2024. Justin Sullivan | Getty Images 23andMe on Tuesday announced it will voluntarily delist from the Nasdaq and de-register with the U.S. Securities and Exchange Commission, according to a release. The move comes after Regeneron Pharmaceuticals said earlier this […]

Read More
Block’s bitcoin checkout goes live in Vegas, a significant step in making it ‘everyday money’
Technology

Block’s bitcoin checkout goes live in Vegas, a significant step in making it ‘everyday money’

A Square-powered bitcoin checkout is now live on the Vegas Strip, where Bitcoin 2025 attendees can scan and pay for merch in seconds using the Lightning Network. Miles Suter LAS VEGAS — Jack Dorsey’s latest bitcoin vision is hitting the checkout counter — starting with a merch truck parked just off the casino floor inside […]

Read More
DJT shares fall 10% as Trump Media says it’s raising .5 billion to buy bitcoin
Technology

DJT shares fall 10% as Trump Media says it’s raising $2.5 billion to buy bitcoin

Republican presidential nominee and former U.S. President Donald Trump gestures at the Bitcoin 2024 event in Nashville, Tennessee, U.S., July 27, 2024. Kevin Wurm | Reuters LAS VEGAS — Trump Media announced Tuesday a $2.5 billion raise from institutional investors to bankroll one of the largest bitcoin treasury allocations by a public company. Shares of […]

Read More