Dating app company Bumble is laying off 30% of staff, or nearly one in three employees.
In a U.S. Securities and Exchange Commission filing submitted earlier this week, Bumble disclosed that it was reducing its global workforce by approximately 240 roles in the latter half of the year.
The company expects to spend $13 million to $18 million on severance payments and benefits for impacted employees. However, the layoffs will result in up to $40 million in annual cost savings, the company claims. According to the filing, Bumble intends to reinvest “the substantial majority of these savings” in initiatives like “product and technology development.”
The last time Bumble had a round