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Bumble is giving 350 employees the ax to grind.
The job cuts announced Tuesday are aimed at “improving coordination.” [Bumble’s] “We aim to build an operating model with future strategic priorities and drive stronger operating leverage,” the dating app company said in a press release accompanying its fourth quarter results.
These are among more than 45,000 employees cut by tech companies around the world since the start of the year, as well as by companies in other sectors such as finance, retail and media, Layoffs.fyi has revealed. Participate in layoffs.
“We have concluded… that Bumble is not the right size or structure needed to meet the opportunities that lie ahead,” CEO Lydiaan Jones said in a message to all employees. “To achieve this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicative efforts so we can innovate and get to market faster. I am.”
The vibe of The Cut’s “How I Get It Done” performed by Bumble at its premiere in Park City, Utah on January 21, 2024. (Robin Merchant/For The Cut/Getty Images)
Jones said affected workers began receiving notifications on Wednesday, and some layoffs were effective immediately.
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The dating app company had a total workforce of more than 950 full-time employees at the end of 2022, according to its latest annual report. That means the newly announced job cuts could amount to nearly 37%.
| ticker | safety | last | change | change % |
|---|---|---|---|---|
| BMBL | Bumble Co., Ltd. | 11.23 | -1.95 | -14.80% |
In Jones’ message, Bumble said it would provide support to employees affected by the layoffs, including “enhanced severance benefits,” annual performance bonuses, medical benefits and outplacement services.
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The company said it expects costs associated with the layoffs to be between $20 million and $25 million. Most of it “will be recognized in the first two quarters of 2024,” he said.
The logo of dating app Bumble is seen in this photo illustration taken on August 22, 2023 in Warsaw, Poland. (Jaap Arrians/NurPhoto via / Getty Images)
Jones also said Tuesday that Bumble “aimed to reach a broader audience in the second quarter with a compelling modern experience aimed at a stronger appeal to younger users.” He said he would restart the Bumble app. Other initiatives are also underway.
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The company recorded a total of 3.72 million paid users in 2023, including about 2.52 million for the app of the same name.
