On February 27, online dating platform Bumble announced that it would cut about 350 roles.
Layoffs will begin with new chief executive officer Lidiane Jones’. It is expected that the company will incur about $20 million to $25 million in one-time charges through the whole layoff process.
Bumble competes with Match Group, whose target audience are young users. In a post earnings call, Jones highlighted that Bumble would relaunch its eponymous app. The company would also revamp its premium plus offering, stated an ET report.
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According to LSEG data, the company expects annual revenue growth between eight percent to 11 percent, compared to an estimate of 13.3 percent growth.
In Q4 that ended December 31, the revenue came down to $273.6 million.