Latest news with #BumbleInc
Hindustan Times
a day ago
- Business
- Hindustan Times
Bumble to lay off 30% global workforce, likely to save $40 million in annual cost savings
Bumble Inc. said it's cutting almost one-third of its staff, months after founder Whitney Wolfe Herd returned as chief executive officer to overhaul the struggling dating app. Shares of Bumble jumped 23% after markets opened in New York.(Reuters) The Austin-based company will eliminate around 240 roles globally, or about 30% of its workforce, it said in an exchange filing Wednesday. It expects to achieve as much as $40 million in annual cost savings from the reductions, and plans to 'reinvest the substantial majority' of those savings in 'strategic initiatives including product and technology development.' Shares of Bumble jumped 23% after markets opened in New York. Bumble and rival Match Group Inc., which owns Tinder and Hinge, have been struggling to adapt to a generational shift in how younger users date. Both companies have overhauled their executive teams this year in the hopes of returning to revenue growth. Match cut 13% of staff recently to streamline the company's organizational structure and reduce costs. The size of Wednesday's layoffs matched the last round Bumble conducted in 2024, weeks after the prior CEO, Lidiane Jones, assumed the role and shook up the C-suite ranks. Since returning to the company in March, Wolfe Herd has vowed to double down on removing bad actors from the platform to help users find higher-quality matches. She also said the brand will unveil a 'big update' to its Bumble BFF app for friendships, among other product releases planned this summer. The company said in the filing it expects to incur about $13 million to $18 million of charges primarily related to severance packages, mainly in the third and fourth quarter. On Wednesday, the company also boosted its second-quarter revenue guidance range to between $244 million and $249 million, up from a prior forecast of $235 million to $243 million. It also raised its outlook for adjusted earnings before interest taxes, depreciation and amortization to a range of $88 million to $93 million. The company has previously forecast $79 million to $84 million.
Mint
a day ago
- Business
- Mint
Bumble Announces 30% Job Cuts as It Raises Quarterly Outlook
(Bloomberg) -- Bumble Inc. said it's cutting almost one-third of its staff, months after founder Whitney Wolfe Herd returned as chief executive officer to overhaul the struggling dating app. The Austin-based company will eliminate around 240 roles globally, or about 30% of its workforce, it said in an exchange filing Wednesday. It expects to achieve as much as $40 million in annual cost savings from the reductions, and plans to 'reinvest the substantial majority' of those savings in 'strategic initiatives including product and technology development.' Shares of Bumble jumped 23% after markets opened in New York. Bumble and rival Match Group Inc., which owns Tinder and Hinge, have been struggling to adapt to a generational shift in how younger users date. Both companies have overhauled their executive teams this year in the hopes of returning to revenue growth. Match cut 13% of staff recently to streamline the company's organizational structure and reduce costs. The size of Wednesday's layoffs matched the last round Bumble conducted in 2024, weeks after the prior CEO, Lidiane Jones, assumed the role and shook up the C-suite ranks. Since returning to the company in March, Wolfe Herd has vowed to double down on removing bad actors from the platform to help users find higher-quality matches. She also said the brand will unveil a 'big update' to its Bumble BFF app for friendships, among other product releases planned this summer. The company said in the filing it expects to incur about $13 million to $18 million of charges primarily related to severance packages, mainly in the third and fourth quarter. On Wednesday, the company also boosted its second-quarter revenue guidance range to between $244 million and $249 million, up from a prior forecast of $235 million to $243 million. It also raised its outlook for adjusted earnings before interest taxes, depreciation and amortization to a range of $88 million to $93 million. The company has previously forecast $79 million to $84 million. More stories like this are available on
The Guardian
a day ago
- Business
- The Guardian
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
TechCrunch
a day ago
- Business
- TechCrunch
Bumble to lay off 30% of its workforce
Dating app Bumble announced on Wednesday that it's laying off 30% of its workforce, impacting around 240 positions. The company said in a securities filing that the cuts are part of its plans to realign its 'operating structure to optimize execution on its strategic priorities.' Bumble anticipates saving $40 million per year as a result of the workforce reduction and plans to reinvest most of this money into product and technology development. The company said it will incur approximately $13 million to $18 million of non-recurring charges, mainly related to severance, benefits, and associated costs for affected employees in the third and fourth quarters of 2025. Bumble's shares are up around 20% following the news of the job cuts. The company's last round of layoffs was back in January 2024, when it cut 30% its workforce, impacting around 350 employees. In addition to announcing the workforce reduction, Bumble shared that it's increasing its second-quarter revenue forecast to a range of $244 million to $249 million, up from the previously forecasted $235 million to $243 million range. The cuts come as Bumble announced at the start of the year that founder Whitney Wolfe Herd was returning as CEO in March, after stepping down from the position in 2023. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW As Bumble last month reported weak first-quarter earnings that fell 7.7% year-over-year, Herd said in an interview with The New York Times that 'Bumble needs me back. It's an extension of me to some degree, and watching it fall from its peak has been very hard.' Match, which owns rival apps like Tinder and Hinge, has also been struggling to attract and retain users, particularly young ones. Match announced in May that it was laying off 13% of its staff to reduce costs and streamline its organizational structure.
Bloomberg
a day ago
- Business
- Bloomberg
Bumble Announces 30% Job Cuts as It Raises Quarterly Outlook
Bumble Inc. said it's cutting almost one-third of its staff, months after founder Whitney Wolfe Herd returned as chief executive officer to overhaul the struggling dating app. The Austin-based company will eliminate around 240 roles globally, or about 30% of its workforce, it said in an exchange filing Wednesday. It expects to achieve as much as $40 million in annual cost savings from the reductions, and plans to 'reinvest the substantial majority' of those savings in 'strategic initiatives including product and technology development.'
