AUSTIN, Texas — Austin-based Bumble is laying off about 350 employees, nearly a third of its workforce.
The layoffs are part of a restructuring plan after a disappointing fourth quarter and a slowdown in user spending.
Layoffs for some employees will be immediate, while others will go through a consultation process that will conclude in April.
It’s the first big move for new CEO Lidiane Jones, who took over in January 2024 from founder Whitney Wolfe Herd.
It comes after the company, which also runs dating apps Badoo and Fruitz, fell more than 7% in extended trading.
Bumble expects to incur approximately $20 million to $25 million in charges from the layoffs, primarily from employee severance, benefits and related charges for impacted employees.
RELATED: New AI apps help singles with dating by analyzing text conversations, suggesting ways to respond
The company’s revenue is expected to grow annually between 8% and 11%, below an estimate of 13.3% growth.
Bumble had 4 million paying users across its apps in the fourth quarter of last year, up from 3.1 million a year earlier. Revenue for the fourth quarter came in at $273.6 million, Bumble said, below expectations of $275.3 million.