Bumble's Big Shake-Up: Jobs Cut, Boss Returns, and Money Moves

Bumble, the popular dating app, is making big changes. It's letting go of 30% of its staff, which is about 240 people. The company says this is to make things run better and focus on important goals. They expect to save $40 million each year and will use most of that money to improve their product and technology. This isn't the first time Bumble has cut jobs. Last year, in February, they also cut 30% of their staff, which was around 350 people. Despite the layoffs, Bumble's shares went up by about 20%. The company also said they expect more money this quarter than they first thought. They now expect to make between $244 million and $249 million, up from the earlier estimate of $235 million to $243 million. The changes come as Whitney Wolfe Herd, the founder, is returning as CEO. She stepped down in 2023 but is coming back in March. This is after Bumble reported that their earnings were down by 7. 7% compared to last year. Herd said in an interview that seeing the company struggle has been tough. Bumble isn't the only dating app having trouble. Match, which owns Tinder and Hinge, is also struggling to keep users, especially young ones. They recently cut 13% of their staff to save money and make things more efficient.