The dating app Bumble is cutting nearly one-third of its jobs again. Founder Whitney Wolfe aims to reorganize the struggling app and prevent its downfall.
The American company is eliminating approximately 240 jobs worldwide, about 30 percent of its workforce. Bumble expects to save up to $40 million (34 million euros) annually with this move. It intends to invest most of that money in improving its product.
Last year, around 350 jobs were already cut, which also amounted to almost a third of the staff.
The company saw revenues fall by almost 8 percent in the past quarter. The number of paying users decreased by 1 percent. Bumble has been struggling for some time. Since its debut on the American stock exchange, the stock price has already fallen by 90 percent.
Bumble is a dating app where women have to take the first step to start a conversation. Tinder’s competitor is also used in the Netherlands. Both apps seem to be struggling to adapt to the changing way younger users date. For example, Tinder’s parent company recently laid off 13 percent of its staff.