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Fortune

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Bumble cut 30% of its workforce—the magnitude of which JPMorgan says 'comes as a surprise'

Bumble JPMorgan Wolfe Herd Fortune Whitney Wolfe Herd

(Credit: Getty Images—Bloomberg)

Bumble announced a 30% workforce reduction on Wednesday after already committing to $15 million in cost cuts, sending its stock up more than 20%. The company is grappling with declining user numbers and revenue in a struggling dating app industry. Analysts still remain skeptical about long-term growth for dating apps.

Considering how much dating apps are struggling, Bumble’s announcement via an 8-K filing on Wednesday of a 30% workforce reduction may not seem that shocking.

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