bumble announced Tuesday that it plans to lay off about 350 people, or about 37% of its workforce, as part of a restructuring plan.
The company said in its fourth-quarter report that the headcount reductions will help increase operating leverage and align its operating model with “future strategic priorities.” report. Bumble had more than 950 full-time employees as of December 31, 2022, according to the company. filing Cooperation with the U.S. Securities and Exchange Commission.
The dating app reported revenue of $273.6 million for the quarter, up from $241.6 million in the year-ago period. Bumble posted a net loss of $32 million, or 19 cents per share, compared to the same period last year, when it reported a net loss of $159.2 million, or 35 cents per share.
Bumble’s stock price fell more than 8% in after-hours trading on Tuesday.
Bumble CEO Lydiaan Jones said in a statement that the company is taking “significant and decisive” actions to accelerate its product roadmap.
“We believe these efforts strengthen our fundamental capabilities and enable us to continue to deliver new and engaging user experiences that create healthy and equitable relationships,” Jones said in a release. said.
Bumble is the latest tech company to announce job cuts in recent months as investors continue to look for efficiency.Companies such as Google and Amazon Companies continue to cut jobs, with more than 170 tech companies cutting about 44,000 jobs, according to industry tracker Layoffs.fyi.
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