You can be on Entrepreneur’s cover!

Bumble Is Laying Off Over 30% of Workforce as Gen Z Moves Away From Dating Apps The company revealed its restructuring plans during a Q4 2023 earnings report.

By Emily Rella

entrepreneur daily

Are dating apps becoming dinosaurs?

Bumble announced on Tuesday that it would be cutting over 30% of its total global workforce (over 350 employees) during its Q4 2023 and full-year 2023 earnings report.

The shift comes as Gen Z starts to move away from dating apps. A 2023 Statista survey showed that millennials in the U.S. make up 61% of dating app users while Gen Z only accounts for 26% of users.

Still, Bumble had a strong Q4, with revenue coming in at $273.6 million which was up nearly $30 million from the same time last year.

"We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap," said Lidiane Jones, CEO of Bumble Inc. in a company release. "We believe these actions will strengthen our foundational capabilities and enable us to continue delivering new and engaging user experiences that create healthy and equitable relationships."

Related: Bumble Founder Whitney Wolfe Herd's Morning Routine

The company is estimated to spend between $20 million and $25 million on severance, benefits, and other costs for employees who have been let go.

Bumble isn't the first in the dating app category to begin mass layoffs.

Last year, rival Tinder announced that it would be slashing 8% of its total global workforce, mainly in its recruiting sector.

Bumble was founded by Whitney Wolfe Herd in 2014 in an attempt to be a female-focused dating app where females are required to initiate the conversation once a pair is matched. The company officially went public in 2021.

Related: Former Youngest Self-Made Billionaire Surprises Employees With Full Week Off

In November 2023, Wolfe Herd was replaced by former Slack CEO Lidiane Jones.

Bumble surpassed $1 billion in total revenue for 2023, a 16.4% increase from the year prior. The company was down over 53% year over year as of Thursday afternoon.

Emily Rella

Entrepreneur Staff

Senior News Writer

Emily Rella is a Senior News Writer at Entrepreneur.com. Previously, she was an editor at Verizon Media. Her coverage spans features, business, lifestyle, tech, entertainment, and lifestyle. She is a 2015 graduate of Boston College and a Ridgefield, CT native. Find her on Twitter at @EmilyKRella.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Editor's Pick

Resumes & Interviewing

Build a Better Resume with This $35 Subscription

AI Resume Builder promises to help you apply to jobs twice as fast.

Side Hustle

He Took His Side Hustle Full-Time After Being Laid Off From Meta in 2023 — Now He Earns About $200,000 a Year: 'Sweet, Sweet Irony'

When Scott Goodfriend moved from Los Angeles to New York City, he became "obsessed" with the city's culinary offerings — and saw a business opportunity.

Marketing

I Got Over 225,000 Views in Just 3 Months With Short-Form Video — Here's Why It's the New Era of Marketing

Thanks to our new short-form video content strategy, we've amassed over 225,000 video views in just three months. Learn how to increase brand awareness through short-form video content.

Business News

Samsung Makes 6 Day Workweeks Mandatory for Executives as the Company Enters 'Emergency Mode'

Samsung said its performance "fell short of expectations" last year. Now executives are required to work weekends.

Productivity

6 Habits That Help Successful People Maximize Their Time

There aren't enough hours in the day, but these tips will make them feel slightly more productive.

Leadership

You Won't Have a Strong Leadership Presence Until You Master These 5 Attributes

If you are a poor leader internally, you will be a poor leader externally.