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

• Bumble announced plans to lay off about 350 employees as part of its fourth-quarter earnings report Tuesday.

• The company said the layoffs will help drive stronger operating leverage and align its operating model with “future strategic priorities.”

• Bumble CEO Lidiane Jones said the company is taking “significant and decisive” action to accelerate its product roadmap, according to the release.

Bumble on Tuesday announced plans to lay off about 350 employees as part of a restructuring plan. A company spokesperson said the cuts amount to about 30% of Bumble’s workforce.

Bumble said the layoffs will help drive stronger operating leverage and align its operating model with “future strategic priorities,” according to its fourth-quarter report. Bumble had more than 950 full-time employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The spokesperson said the latest annual report will be published later this week.

The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million in the same period last year. Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share.

Shares of Bumble fell more than 8% in after-hours trading Tuesday.  

Transformation Plan: Today, the company announced that it intends to reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. We expect to incur approximately $20 million to $25 million of non-recurring charges, consisting primarily of employee severance, benefits, and related charges for impacted employees, the majority of which will be recognized in the first two quarters of 2024.