Another tech company is now laying off 350 employees to help drive stronger operating leverage and align with “future strategic priorities.”
Bumble announced on Tuesday plans to lay off roughly 350 employees as part of a restructuring plan, reports CNBC.
A company spokesperson said the cuts amount to approximately 30% of Bumble’s workforce.
Bumble said the layoffs will help drive stronger operating leverage and align its operating model with “future strategic priorities,” according to its fourth-quarter report.
Bumble had more than 950 full-time employees as of December 31, 2022, according to a filing with the U.S. Securities and Exchange Commission.
The spokesperson said the latest annual report will be published later this week.
The dating app reported $273.6 million in revenue for the quarter, up from the $241.6 million in the same period last year.
Bumble posted a net loss of $32 million, or a loss of 19 cents per share, compared to the year-ago quarter, when the company reported a net loss of $159.2 million, or 35 cents per share.
Shares of Bumble fell more than 8% in after-hours trading Tuesday.
Bumble CEO Lidiane Jones said in a statement that the company is taking “significant and decisive” action to accelerate its product roadmap.
“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,” Jones said in the release.
Bumble is the latest company in the tech sector to announce cuts in recent months, as investors continue to push for efficiency.
Companies such as Google and Amazon have continued to trim headcount, and more than 170 tech companies have cut nearly 44,000 jobs, according to Layoffs.fyi, an industry tracker, reports CNBC.
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Also Read: This Massive Restaurant Is Now Closing 41 Locations
Other Economy News Today
A massive food brand now declares an unexpected bankruptcy after carrying a whopping $190 million of debt, sources report.
Most Americans don’t know the companies and farming operations that produce their produce.
Trinitas Farming, a large provider of almonds does not market its brand despite the size of its operation.
Now the company has now filed for Chapter 11 bankruptcy protection.
Trinitas Farming is owned by Trinitas Partners, a Redwood City, California private-equity firm that began acquiring almond ranches in 2015 and now runs 17 of them covering 8,000 acres, according to the SJVSun.
Americans probably won’t see their almond supplies disrupted.
The company plans to keep producing as it attempts to sort out its finances.
Trinitas disclosed in its bankruptcy filing that it had essentially run out of cash and plans to sell its farms and other assets.
The company attributed its problems to its heavy debt load and low almond prices. It also cited lower yields at newer farms, making it impossible to produce profitable crops.
“Debts include a $130 million term loan extended by Rabo Ag in November 2022, plus an additional $31 million in ‘delayed draw’ loans,” the Business Journal of Fresno, Calif., reported.
“Debts owed to 20 of the largest unsecured creditors total more than $26.6 million.
Its largest unsecured creditor is The Almond Co. hulling operation in Madera, with a $9.2 million claim.
The Harvesting Group in Fresno is owed $4.8 million.”
The company has asked the U.S. Bankruptcy Court for the Northern District of California to approve a $30 million funding plan as it enters a crucial period during the almond growing season.
If those funds are not approved quickly, the company could see a major interruption in its ability to grow almonds.
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