350 employees as tech industry job cuts grow

Bumble on Tuesday announced plans to cut about 350 jobs as part of a restructuring plan. A company spokesperson said the layoffs amount to about 30 percent of Bumble’s workforce.

Bumble said the layoffs will help achieve stronger operating leverage and align its operating model with “future strategic priorities,” according to the fourth quarter report. Bumble has more than 950 full-time employees as of December 31, 2022, according to submission with the US Securities and Exchange Commission. The spokesman said the latest annual report would be published later this week.

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

Bumble shares fell more than 8% in after-hours trading on Tuesday.

Bumble CEO Lydian Jones said in a statement that the company is taking “significant and decisive” actions to accelerate its product roadmap.

“We believe these actions will strengthen our core capabilities and allow us to continue to deliver new and engaging user experiences that create healthy and fair relationships,” Jones said in the release.

Bumble is the latest tech company to announce layoffs in recent months as investors continue to push for efficiencies. Companies like Google and Amazon have continued to cut staff, and more than 170 tech companies have cut nearly 44,000 jobs, according to Layoffs.fyi, an industry tracker.

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