Dating app announces layoffs, employees to lose jobs

Dating app Bumble announces layoffs impacting 350 roles due to poor earnings and revenue issues. The company's value dropped by over 7% post trading hours.

Bumble may be a popular dating app but its popularity is not helping the company generate revenue. Due to which, the company has announced layoffs. Bumble also revealed that 350 roles will be impacted in the layoffs. As per reports, the value of the company behind Bumble, Badoo, and Fruitz, dropped by more than 7 per cent when people traded stocks after normal trading hours.

As per media report, the new Bumble CEO, Lidiane Jones, is making big moves to deal with the revenue problems that the company is facing. Bumble announced they're going to cut about 350 jobs. The company thinks these job cuts will cost them around $20 million to $25 million, most of it happening in the first part of 2024. Bumble is up against strong competition from Match Group, who are trying hard to get more young people to use their apps, especially with prices going up and people being careful about spending money.

CEO Jones has plans to improve Bumble by making their main app better and adding more features to their paid version. Experts say Bumble needs to find ways to make more money from each user and expand into new markets, especially as their main markets like the U.S. get crowded.