350 workers as job cuts in tech business mount

Bumble on Tuesday introduced plans to put off about 350 workers as a part of a restructuring plan. An organization spokesperson mentioned the cuts quantity to about 30% of Bumble’s workforce.

Bumble mentioned the layoffs will assist drive stronger working leverage and align its working mannequin with “future strategic priorities,” in line with its fourth-quarter report. Bumble had greater than 950 full-time workers as of Dec. 31, 2022, in line with a filing with the U.S. Securities and Alternate Fee. The spokesperson mentioned the most recent annual report will likely be revealed later this week.

The courting app reported $273.6 million in income for the quarter, up from the $241.6 million in the identical interval final yr. Bumble posted a internet lack of $32 million, or a lack of 19 cents per share, in comparison with the year-ago quarter, when the corporate reported a internet lack of $159.2 million, or 35 cents per share.

Shares of Bumble fell greater than 8% in after-hours buying and selling Tuesday.

Bumble CEO Lidiane Jones mentioned in a press release that the corporate is taking “significant and decisive” motion to speed up its product roadmap.

“We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships,” Jones mentioned within the launch.

Bumble is the most recent firm within the tech sector to announce cuts in latest months, as traders proceed to push for effectivity. Corporations reminiscent of Google and Amazon have continued to trim headcount, and greater than 170 tech corporations have minimize practically 44,000 jobs, in line with Layoffs.fyi, an business tracker.

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