Dating App Bumble cuts 350 jobs post $32M loss.

In San Francisco, Bumble, the US online dating platform, has disclosed its intention to cut 350 positions, constituting approximately one-third of its workforce, as part of a comprehensive restructuring plan. The move is aimed at realigning the company's operational model to better suit upcoming strategic priorities, as highlighted in an earnings release.

The Texas-based company reported a net loss of $32 million against a revenue of $273.6 million in the last quarter of the previous year. Notably, this represents an improvement compared to the same quarter in 2022 when the company reported a loss of $159 million with revenue amounting to $241.6 million.

Lidiane Jones, the Chief Executive of Bumble, commented on the company's performance, stating, "We announced solid full-year results and a bold plan to transform Bumble and lead the company to its next phase of growth and innovation."

According to filings with the US Securities and Exchange Commission, an average of 40 million people used Bumble, Badoo, or Fritz apps monthly in 2022. At the close of 2022, Bumble had over 950 full-time employees, with approximately 770 of them situated outside the United States, as outlined in the company's filing. The tech industry has seen a trend of layoffs, even among prominent Silicon Valley giants, reflecting a broader need for financial adjustments in the sector.