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Bumble , a once - brawny force in online dating , is facing a numeration .
The company carry weak Q4 2023 result today register a $ 32 million net loss and $ 273.6 million in receipts . While up from the same time period a year ago , profits came in below Wall Street expectations and were paired with a unsatisfying Q1 2024 forecast — sending Bumble ’s caudex tumbling ~10 % in after - hours trading .
Bumble ’s taking drastic military action to stem the haemorrhage .
CEO Lidiane Jones ( depict above ) announced that 30 % of Bumble ’s work force , or about 350 employee , would be permit go , and that Bumble would embark on an app overhaul targeted at reviving growth . The penny-pinching - full term product roadmap will focus on AI and enhanced safety equipment measures , Jones said , as well as features designed to invoke to younger audience .
“ We believe these actions will strengthen our foundational capabilities and enable us to continue delivering young and engaging user experience that make healthy and equitable human relationship , ” Jones said during a call on today ’s earnings . “ We have a lot of user today that have it off the substitution class of the online dating — swiping and find and searching — but there ’s also a set of users that desire more flexibility to be capable to have and discover people in a more constitutional and natural way . ”
Bumble is face challenges on multiple front as its main rival , Match Group , which owns Tinder , Hinge and Match among other go out apps , goes after Gen Z users with increasingly aggressive marketing tactics .
Bumble ’s payer growth has been slow down since recent 2021 , and many of the potentiality introduced in Bumble ’s apps in the past 18 months have n’t resonated with the drug user base , Jones say during the call .
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Bumble has also had tocontendwith internal organizational shifts in the wake of founding father Whitney Wolfe Herd stepping down as CEO last November and transitioning into the role of executive chairwoman . Jones , who joined from Slack in January , appoint four new century - suite executives at Bumble in the last week alone .
dull ontogenesis is n’t unique to Bumble . date apps generally — including Match Group ’s — have seen declining revenue from users reluctant to pitchfork over cash for premium attention deficit hyperactivity disorder - ons . According to a 2023 Pew Researchstudy , while 41 % of users age 30 or elderly have paid for dating apps , just 22 % of users under 30 — the demographic seen as most worthy — have done the same .
chopine have attempted to combat the decline in various fashion . touchwood ispivotingto focussing on foresighted - terminus relationships — a top priority for Gen Z , which opinion poll show areless interestedin casual family relationship and hookups . Hinge , among others , meanwhile , is comprehend the move to IRL meetups , launching afundand promotions to patronise I event .
