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Will dating apps become dinosaurs?
Bumble announced on Tuesday that it will cut more than 30% of its global workforce (over 350 employees) during the period. Fourth quarter 2023 and full year 2023 earnings report.
Change will come as Gen Z starts working. leave From a dating app. According to a 2023 Statista study, millennials make up 61% of dating app users in the US, while Gen Z only makes up 26% of users.
Still, Bumble had a strong fourth quarter, with revenue of $273.6 million, up nearly $30 million from the same period last year.
“As we relaunch the Bumble App, transform our organization, and accelerate our product roadmap, we are taking important and decisive actions to ensure our customers remain at the center of everything we do. ,” said Lydiaan Jones, CEO of Bumble Inc. company release. “We believe these efforts will strengthen our fundamental capabilities and enable us to continue to deliver new and engaging user experiences that create healthy and equitable relationships.”
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It is estimated that the company will spend between $20 million and $25 million on severance, benefits and other costs for laid-off employees.
Bumble isn’t the first dating app to initiate mass layoffs.
Last year, rival Tinder announced: kill 8% of all employees worldwide are primarily employed in the recruitment sector.
Bumble was founded by Whitney Wolfe Herd in 2014 with the aim of being a female-centric dating app that requires women to start a conversation once a pair matches. The company officially went public in 2021.
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November 2023, Wolf Herd replaced By former Slack CEO Lydiaan Jones.
bumble Beyond Total revenue for 2023 was $1 billion, an increase of 16.4% year over year.company was depressed As of Thursday afternoon, it was more than 53% compared to last year.