Bumble to layoff 30% of its workforce

Women-friendly dating app Bumble announced a restructuring plan along with its Q4 earnings Wednesday, saying it will lay off 30% of its staff.

The company reported a revenue of $273.6 million for the quarter and a net loss of $32 million. The earnings fell short of analysts' expectations, and Bumble shares fell more than 8% in after-hours trading following the announcement.

New CEO Lidiane Jones, who came in after founder Whitney Wolfe Herd stepped down in November, said the organizational changes would help make annual savings of $55 million.

Bumble’s layoffs reflect slowing growth as demand falls for dating apps. A nationwide Axios/Generation Lab survey found that 79% of youngsters on campuses haven’t used any apps to date.

Tinder-owner Match Group saw a 5% year-over-year decline in paying customers last year.

The tech sector, in general, has actively reduced headcounts over the past year, with over 170 tech companies cutting nearly 44,000 jobs, according to Layoffs.fyi.