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Bumble to Issue Layoffs

Bumble (NASDAQ:BMBL) on Tuesday announced plans to lay off about 350 employees as part of a restructuring plan. A company spokesperson said the cuts amount to about 30% of Bumble’s workforce.

Bumble said the layoffs will help drive stronger operating leverage and align its operating model with “future strategic priorities,” according to its fourth-quarter report. Bumble had more than 950 full-time employees as of Dec. 31, 2022, according to a filing with the U.S. Securities and Exchange Commission. The spokesperson said the latest annual report will be published later this week.

The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million in the same period last year. Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share.

Bumble CEO Lidiane Jones said in a statement that the company is taking “significant and decisive” action to accelerate its product roadmap.

Bumble is the latest company in the tech sector to announce cuts in recent months, as investors continue to push for efficiency. Companies such as Google (NASDAQ:GOOGL) and Amazon (NASDAQ:AMZN) have continued to trim headcount, and more than 170 tech companies have cut nearly 44,000 jobs, according to industry sources.

BMBL shares handed back 70 cents, or 5.3%, to $12.48.