Bumble lays off 30% of workforce

(CNN)– Bumble announced it is laying off 30% of its workforce.

In a regulatory filing, the dating app said that amounts to 240 jobs and will save the company $40 million a year.

The company says it will reinvest a substantial majority of the money it saves into new products and tools.

Bumble’s stock has plummeted 90% since it went public in 2021.

The layoffs are the latest warning sign that younger users are growing frustrated and abandoning online dating.