"Bumble Slashes 350 Jobs Amid Tech Industry Turmoil"
Bumble, a major player in online dating, reported a $32 million net loss and $273.6 million in revenue for Q4 2023, leading to a 10% stock drop in after-hours trading and the announcement of a significant workforce reduction of about 350 employees. The company plans to revamp its app with a focus on AI, enhanced safety measures, and features targeting younger audiences to address slowing growth and increased competition from Match Group's aggressive marketing tactics. CEO Lidiane Jones aims to strengthen Bumble's capabilities and deliver new user experiences while facing challenges following the departure of founder Whitney Wolfe Herd and declining revenue from younger users reluctant to pay for premium features.