Dating app Bumble to lay off hundreds of staff amid turnaround bid
Dating app Bumble announced plans to lay off almost a third of its workforce as part of a bid to return to a 'start-up mentality' as it fights to revive growth.
The Austin, Texas-based company is cutting about 240 roles, or 30% of its global staff, amid a turnaround effort. Its stock has tumbled since the firm went public in 2021.
Founder Whitney Wolfe Herd, who stepped down as CEO in 2024 but returned earlier this year, said Bumble needed to take 'decisive action' in order 'to restructure to build a company that's resilient, intentional, and ready for the next decade' in an email to staff.
'We've reset our strategy, and are going back to a start-up mentality – rooted in an ownership mindset and team structures designed for faster, more meaningful execution,' she wrote.
Shares in Bumble rallied some 24% during early trading in New York on Wednesday.
Bumble said it will incur non-recurring charges of between $13m and $18m for employee severance, benefits and related charges, primarily during the third and fourth quarters of 2025.
The company expects to generate 'up to' $40m in annual cost savings, which it plans to reinvest in initiatives such as product and technology development, according to a stock market filing.
The company also raised its second-quarter revenue forecast to a range of $244m to $249m, up from the prior view of $235m to $243m.
'In recent months, we've been rebuilding – returning to what makes us trusted, unique, and deeply human,' wrote Herd. 'But intentional rebuilding requires hard decisions. Today, we are marking one of the most difficult: we are reducing the size of our team. This decision is not a reflection of any individual but rather where we are going as a company and what we are building for.'
Reuters contributed reporting
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
27 minutes ago
- Reuters
Micron forecasts quarterly revenue above estimates on AI-driven memory chip demand
June 25 (Reuters) - Micron Technology (MU.O), opens new tab forecast fourth-quarter revenue above Wall Street estimates on Wednesday, betting on robust demand for its memory chips used for artificial intelligence hardware in data centers. Shares of the memory chipmaker rose 6.7% in extended trading. Micron is positioned as a key player in the AI memory market. Its high-bandwidth memory chips are used in some of the most advanced artificial intelligence systems, including data centers. Many cloud companies, such as Google, have reaffirmed their investments this year to expand AI infrastructure, underscoring strong demand for AI-related products. Micron said it expects revenue of $10.7 billion, plus or minus $300 million, in the fourth quarter, compared with analysts' average estimate of $9.88 billion, according to data compiled by LSEG.
Daily Mail
28 minutes ago
- Daily Mail
Trump considering several replacements for Jerome Powell
President Donald Trump revealed he's already vetting candidates to replace Federal Reserve Chairman Jerome Powell, while once again blasting the central banker and calling him 'stupid' for failing to bring down a key interest rate. 'I think he's terrible,' Trump interjected when a reporter asked him during his press conference at The Hague for NATO meetings whether he was considering replacements for the Fed chair. Trump disclosed that he was – after speaking openly about getting rid of Powell, despite uncertainty over whether he has the authority to fire the head of the independent Fed. 'I know within three or four people who are going to pick. I mean, he goes out pretty soon, fortunately, because I think he's terrible,' Trump said – indicating resignation to Powell serving out his term. Powell's term ends in May 2026. Trump renominated the Princeton grad and Georgetown-trained lawyer in 2017. But as he seeks votes for his 'big, beautiful bill' amid estimates it would tack $3 trililon onto the nation's accumulated debt, Trump has been venting about interest rates and the vast sums the nation must pay to service that debt. 'We have no inflation ,' Trump said, amid low inflation of more than 2 percent. 'We have a tremendous economy. Hundreds of billions of dollars of tariff money is pouring in. Factories are being built because they don't want to pay the tariffs ...' he continued. 'There's never been anything like that in the history of our country. The he blamed President Joe Biden for borrowing, before going after Powell in more personal terms. 'So we are going to end up paying maybe two points or three points more. Three points would be about $900 billion a year because of this very average mentally person,' he fumed. 'He is an average mentally person, let's say low, in terms of what he does. Low, low IQ for what he does. Okay, great. So instead, instead of paying $900 billion – we don't want to pay 900 – just because he doesn't want to lower the rate. I said, if there's inflation in two years or three years or one year from now, you raise the rate, you take care of the inflation, among other things.' 'But he's probably a very political guy, I guess I don't know. I think he's a very stupid person, actually,' Trump concluded. Powell hit back at Trump in congressional testimony Tuesday – when he said the very tariffs Trump touted are the reason he hasn't been able to lower rates. The tariffs have roiled the markets, causing equities to plummet when Trump imposes them, and rise when he pauses them, with the uncertainty leaving some business in a bind as they consider whether to purchase new inventory or not amid the chaos. 'Increases in tariffs this year are likely to push up prices and weigh on economic activity,' Powell told members of the House Financial Services Committee. 'For the time being, we are well-positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,' the Fed chair testified. Trump had tried to organize an ambush by his GOP allies when he said 'I hope Congress really works this very dumb, hardheaded person, over. We will be paying for his incompetence for many years to come.' Trump didn't name any of the people he was pondering for the powerful post. But his ability to install a loyalist who might hew to his demands is more limited after the Supreme Court acknowledged the Fed's unique independent status in a ruling last month. Trump's attacks on Powell, which have become commonplace, were barely noticed in a press conference where he attacked correspondents for CNN and NBC, said Iran's nuclear facilities had been 'obliterated,' and vowed to hit at US ally Spain in trade negotiations to punish it for resisting NATO's new 5 percent military spending target.
Reuters
32 minutes ago
- Reuters
Regulator orders Fannie, Freddie to consider crypto holdings in loan assessments
June 25 (Reuters) - The regulator overseeing Fannie Mae and Freddie Mac on Wednesday ordered the housing giants to consider cryptocurrency as an asset for single-family mortgage loan risk assessments, a move that could potentially open the door to borrowers using crypto investments to qualify for home loans. William Pulte, the director of the Federal Housing Finance Agency, said in a social media post that he had ordered Fannie and Freddie to "prepare their businesses to count cryptocurrency as an asset for mortgage," which he said would be in line with President Donald Trump's vision of making the U.S. "the crypto capital of the world." The FHFA oversees Fannie Mae and Freddie Mac, which have operated under U.S. government control since 2008 after suffering heavy losses during the subprime mortgage crisis. They guarantee over half of the nation's mortgages. Cryptocurrencies are known for being highly volatile and are often subject to wild price swings, sometimes for no clear reason. In February, bitcoin -- the largest cryptocurrency -- suffered its biggest weekly fall in two years, dropping 16%, although it has since recovered. Trump has sought to overhaul U.S. cryptocurrency policy after courting cash from the industry on the campaign trail. Trump has appointed industry-friendly regulators and has hosted industry leaders at the White House. Cryptocurrencies have reacted favorably, with bitcoin reaching all-time highs this year. In a directive signed Wednesday, Pulte said that considering additional borrower assets -- such as cryptocurrencies -- could enable Fannie and Freddie to assess the full financial picture of a borrower and could "facilitate sustainable homeownership to creditworthy borrowers." Pulte's order did not specify which cryptocurrencies Fannie and Freddie should consider.
