Bumble Slashes Workforce by 30% in an Effort to Reboot Growth

Bumble is slashing 30% of its workforce, according to an SEC filing, as the Texas-based company moves to cut costs and refocus on growing its customer base.

The company explained in its filing on Wednesday, June 25, that the layoffs are part of Bumble’s ongoing efforts to streamline leadership and focus on features that reignite modern daters’ passions. 

The cuts of approximately 240 jobs are projected to help Bumble save $40 million annually. The savings will be reinvested into Bumble’s product and technology development initiatives. 

In Bumble CEO Whitney Wolfe Herd’s message to employees regarding the layoffs, she said the dating industry is “at an inflection point,” requiring Bumble to “restructure to build a company that’s resilient, intentional, and ready for the next decade.” 

Wolfe Herd, who, after one year away, stepped back into her former role as CEO back in March, suggested that Bumble’s growth strategy moving forward involves getting back to basics. 

“We are going back to a start-up mentality — rooted in an ownership mindset and team structures designed for faster, more meaningful execution,” she said. 

Bumble plans to return to its original values: female empowerment, safety, and innovation. Wolfe Herd said as much in her message to employees and highlighted “prioritizing core product innovation”, “returning to a member-first approach”, and “becoming a faster, more decisive, and more agile organization.”

A Bumble spokesperson echoed Wolfe Herd’s message in a statement to DatingNews. 

“These decisions were not made lightly, and we are deeply grateful for the contributions of every employee impacted,” the spokesperson said. “Our focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth.” 

Bumble adjusted its Q2 financial outlook to reflect the staff cuts, according to the SEC filing. “The company now expects total Bumble Inc. revenue between $244 million and $249 million,” according to the filing, a marked increase from the $235 million to $243 million projected in Bumble’s Q1 earnings report in May.

With news of the layoffs — and the projected $40 million Bumble plans on saving as a result — Bumble’s shares were up 26% in early-day trading, according to CNBC.