Bumble shares rallied more than 26% on Wednesday after the dating app company revealed in a securities filing that it intends to slash 30% of its workforce, or about 240 roles.<\/p>\n
The layoffs will result in $13 million to $18 million in charges for the company hitting in the third and fourth quarters of this year. Management estimates that the reductions will help the company save $40 million annually.<\/p>\n
A Bumble spokesperson said in a statement to CNBC that the layoffs were \u201cnot made lightly.\u201d<\/p>\n
\u201cOur focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth,\u201d they wrote.<\/p>\n
Bumble said the cuts are part of a reconfiguration of its \u201coperating structure to optimize execution on its strategic priorities.\u201d The company plans to invest savings into new product and technology development.<\/p>\n
Shares of the dating app company have plunged since their debut on the public markets in 2021. Its market value has plummeted from $7.7 billion to about $538 million as of Tuesday\u2019s close.<\/p>\n
Founder Whitney Wolfe Herd, who stepped down as CEO at the beginning of 2024, returned to the role earlier this year.<\/p>\n
Along with the job cuts, Bumble updated its previously announced forecast for the current quarter.<\/p>\n
The company now expects revenue to range between $244 million and $249 million, and adjusted earnings before interest, taxes, depreciation and amortization between $88 million and $93 million.<\/p>\n
That\u2019s up from the $235 million to $243 million in revenue and $79 million to $84 million in adjusted EBITDA forecast with Bumble\u2019s first-quarter results last month.<\/p>\n<\/p>\n
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Bumble shares rallied more than 26% on Wednesday after the dating app company revealed in a securities filing that it intends to slash 30% of its workforce, or about 240 roles. The layoffs will result in $13 million to $18 million in charges for the company hitting in the third and fourth quarters of this…<\/p>\n","protected":false},"author":1,"featured_media":1873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts\/1872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/comments?post=1872"}],"version-history":[{"count":0,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/posts\/1872\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/media\/1873"}],"wp:attachment":[{"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/media?parent=1872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/categories?post=1872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thetradingdictionary.com\/index.php\/wp-json\/wp\/v2\/tags?post=1872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}