As part of a restructuring plan, Bumble, a popular dating app, reportedly announced Tuesday it plans to lay off nearly 350 employees.
Bumble plans to make job cuts across the board, according to the New York Post (NYP). This is the first big decision from new Bumble CEO Lidiane Jones, who took the position once Whitney Wolfe Herd stepped down in January, the outlet reported.
Bumble expects to incur “$20 million to $25 million in one-time charges” following the termination of nearly 30% of the company’s workforce, the NYP reported.
Bumble laying off 350 workers, 30% of dating app’s workforce https://t.co/oATsd66RTq pic.twitter.com/hfn0MgfXno
— New York Post (@nypost) February 28, 2024
“Today, we are announcing the incredibly difficult news that we are reducing the size of our Bumble team, which means we are expecting to say goodbye to about 350 talented employees,” Jones said in a message to her employees. “In the time I’ve been here, I’ve gotten to know many of you, and I’ve seen your commitment to our mission to create a world where all relationships are healthy and equitable.”
In the interest of “positioning the company and our people for long-term success,” Jones plans to move forward with a new business model that does not include much of the company’s workforce. Employees affected by this decision will be supplemented with severance pay, bonuses, healthcare stipends, outplacement services, and counseling, according to Jones’s message.
“We also concluded that Bumble is not the right size or structure we need to be to meet the opportunity ahead. Ultimately, we need to run a leaner, more agile, and more efficient company. In order to do this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicate efforts so we can accelerate how quickly we innovate and go to market,” Jones wrote.
The company released its earnings for 2023’s fourth quarter on Tuesday, which came in below estimates, according to the NYP (RELATED: Drew Barrymore Admits To Being Catfished On Dating App: REPORT)
Bumble is one of the most popular dating apps available to the general public. The app is defined by its feature that only allows women to initiate conversations with others.