Forecasting a disappointing first-quarter revenue as Bumble grapples with a user spending slowdown, the dating app has announced that it will be cutting down 350 roles.
As per reports, the dating app expects to incur about $20 million to $25 million in one-time charges related to the job cuts, the majority of which will be recognized in the first two quarters of 2024.
In Q4 2023, Bumble’s earnings also fell short of analyst expectations, with a net loss of $32 million alongside $273.6 million revenue.
That being said, the company expects a comparatively lower annual revenue growth between 8% to 11%, this fiscal year.
The 30% total workforce-trimming at Bumble comes two months after Lidiane Jones assumed the role of CEO at the company.
A week back, she also announced that the dating app has onboarded a new Chief Product Officer- Ali Rayl, Chief Technology Officer- Antoine Leblond, Chief People Officer- David Ard, Chief Marketing Officer- Selbv Drummond, and VP- Global Communications- Gabrielle Ferree.
