San Francisco:
US online dating platform Bumble announced plans on Tuesday to cut 350 jobs, about a third of its workforce, as part of a restructuring plan.
The reduction is intended to “align the business model with future strategic priorities,” the company said in an earnings release.
Texas-based Bumble reported a net loss of $32 million on revenue of $273.6 million in the final three months of last year.
That was an improvement from the loss of $159 million on revenue of $241.6 million in the same quarter in 2022, the company said.
“We announced solid full-year results and a bold plan to transform Bumble and lead the company into the next phase of growth and innovation,” said CEO Lidiane Jones.
An average of 40 million people used the company's Bumble, Badoo or Fritz apps monthly in 2022, according to a filing with the U.S. Securities and Exchange Commission.
Bumble had more than 950 full-time employees at the end of 2022, including about 770 outside the United States, the company said in the filing.
Layoffs have become commonplace at tech companies lately, with even Silicon Valley giants having to tighten their belts.
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