Austin, February 28: US-based dating app Bumble has announced the layoff of about 350 employees due to poor earnings and revenue issues as part of restructuring. The layoffs will reportedly help the company drive more substantial operating leverage and prove ideal to align its operating model with 'future strategic priorities'. According to the reports, Bumble had 950 employees working full-time till December 31, 2022. 

According to the report by CNBC, the dating app Bumble had reported a net loss of $32 million or 19% per share compared to the year-ago quarter when the company had $159.2 million or 35% per share. The CNBC said that the revenue was reported to be $273.6 million for the quarter, which was higher than the previous year's $241.6 million. Sony Layoffs 2024: Japanese Technology Giant To Lay Off 900 Employees, About 8% of Workforce From Its PlayStation Division.

The company expects to incur from $20 million to $25 million in "one-time charges" related to the job cuts, reported Reuters. The report mentioned that the Bumble-rival Match Group targets younger users through its intense marketing practices. As per the report, the Bumble CEO Lidiane Jones said about relaunching its app and revamp the premium plus offering. 

According to these reports, the company expects 8% to 11% annual revenue growth, compared to the estimated 13.3% growth. The Bumble CEO also reportedly said that the actions will strengthen the foundational capabilities and help the company deliver new and engaging user experiences, leading to healthy and suitable relationships. National Science Day 2024: Prime Minister Narendra Modi Greets People on Special Day, Says ‘Government Working To Boost Research and Innovation Among Youth’.

Overall, Bumble did not make the money it expected despite more people paying for their app's services. The Bumble revenue hit $273.6 million in the fourth quarter, which failed the estimated $275.3 million. The report said the analysts were expecting 12% per share on average. Bumble is the latest company that has joined the wave of layoffs in 2024. Recently, tech giants like Meta, Google, Microsoft, Amazon and others have cut thousands of jobs due to economic downturns, cost-cutting measures or restructuring. 

(The above story first appeared on LatestLY on Feb 28, 2024 01:29 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).