PHILADELPHIA (AP) — Online dating platform Bumble plans to lay off about 240 employees, or roughly 30 percent of its global workforce.

In a securities filing, Bumble disclosed that its board approved the cuts last week as it “realigns its operating structure to optimize execution on its strategic priorities.” The Austin,
Texas-based company expects to see $40 million in annual cost savings spanning from the workforce reductions, much of which it says it will invest in product and technology development.

“These decisions were not made lightly, and we are deeply grateful for the contributions of every employee impacted,” Bumble said in a statement sent to The Associated Press, adding that it now was focused on “moving forward in a way that strengthens our core business” and “positions us for future growth.”

Bumble did not immediately specify when it would implement the layoffs or which roles would be affected. Its securities filing signaled that the process would extend into later in the year, noting that it expects to incur costs related to the layoffs, including severance for impacted employees, amounting to anywhere between $13 million and $18 million primarily in its third and fourth fiscal quarters.

In a note to employees, Bumble CEO and founder Whitney Wolfe Herd wrote that “Bumble, like the online dating industry itself, is at an inflection point.” She noted that the company has been “rebuilding” in recent months, which “requires hard decisions.”

Wolfe Herd founded Bumble in 2014, just two years after co-founding Tinder in 2012. She had previously served as Bumble’s CEO from 2020 through January 2024, and stepped back into the top seat in March.

Bumble has struggled on the market since going public in 2021. Its stock is down more than 35 percent over the last year, and nearly 92 percent since its February 2021 debut.

In its most recent first quarter earnings, Bumble reported a total revenue of about $247 million, down nearly 8 percent from the same period a year ago. The company said that it expects to earn between $244 million and $249 million for the second quarter of its 2025 fiscal year.