Bumble lays off 30% of workforce as user base dwindles

Dating app company Bumble has laid off 30% of its workforce in a bid to restructure as the company’s revenues continue to dwindle, a common trend that has flared up in the tech sector before. 

The decision impacts 240 staff in the overall workforce. As per the SEC filing, Bumble expects to incur non-recurring costs ranging from $13 million to $18 million. These costs will mainly consist of employee severance, benefits, and any other employee-related expenses resulting from the layoffs. 

Bumble is expecting annual cost savings of $40 million from the restructuring, the majority of which is to be funneled into product and technology development. 

The update sparked a 20% spike in the share price of Bumble as the company grapples with customers who find the dating platform not the perfect fit for their needs. 

Bumble’s Q1 2025 report was lackluster, with total revenue down by 8% to $247 million and Bumble App revenue down by 6% to $202 million. The user base also dipped by 1% to 2.7 million, which represents a loss of 104,000 users on a quarter-on-quarter basis. 

Bumble made its stock debut in 2021 at a share price of $76. The company’s IPO successfully raised $2.15 billion. After going live on public markets, Bumble’s share price has been on a downward trend by 91.36% on a 5-year basis. 

Source: Google Finance

Bumble was created in 2014 by entrepreneur Whitney Wolfe Heard as a dating app in which women would have the opportunity to make the first move by texting first. The company was founded by Russian businessman Andrey Andreev, who founded another dating platform called Badoo in 2004.