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Dating app giant Bumble has announced plans to lay off nearly a third of its global workforce,\u00a0reported Reuters<\/i>. The decision, revealed on Wednesday, will impact around 240 roles, or approximately 30 per cent of the company’s staff.<\/p>\n<\/div>\n It is noteworthy that the restructuring comes as the broader online dating industry grapples with changing user behaviour and economic pressures, particularly among Gen Z audiences. Rivals such as Match Group have also responded with cost-cutting measures, including a 13 per cent staff reduction announced last month.<\/p>\n<\/div>\n Despite the job cuts, Bumble<\/a> lifted its second-quarter revenue guidance, projecting earnings between $244 million and $249 million, up from an earlier forecast of $235 million to $243 million. The company\u2019s first-quarter revenue had met market expectations, although it marked a year-on-year decline of seven per cent.<\/p>\n<\/div>\n Shares in Bumble surged by 19 per cent following the announcement. However, the company\u2019s market capitalisation remains significantly down from its peak of roughly $15 billion at the time of its 2021 stock market debut. As of this week, its valuation hovers just above $500 million, according to data from LSEG.<\/p>\n<\/div>\n Analysts interpret the move as part of a broader shift under returning CEO Whitney Wolfe Herd, who resumed the top role earlier this year with a renewed focus on the quality of connections facilitated by the app. Chandler Willison, an analyst at M Science<\/a>, said the layoffs reflected Bumble\u2019s effort to move away from prioritising short-term revenue and growth in favour of building a more agile and user-centric platform.<\/p>\n<\/div>\n