Bumble is laying off 350 employees, or 37% of its remaining workforce, as part of its new "future strategic priorities" after recording slower revenue for two years.

The dating platform said on Monday it intends to trim down its global workforce "to drive stronger operating leverage," Business Wire reported.

Bumble's last workforce report in 2022 counts 950 full-time workers. It expects to incur around $20 million to $25 million from severance charges.

This is the second consecutive year Bumble has recorded slower revenue growth after high profits from 2020 and 2021.

The company forecasted lower revenues in the first quarter than last year's.

Bumble is the latest company to join the growing number of tech companies reporting company-wide layoffs since the start of 2024, which currently sits over 40,000 employees impacted, according to tech industry watchdog Layoff.fyi.

Also Read: Silicon Valley Laid Off Nearly 25,000 Workers in January Alone

Dating Apps Suffer Slow Growth in 2023

It is not only Bumble reporting slower growth after the pandemic.

Its competitor Tinder has also noted difficulties sustaining profit growth from two years ago. Its parent company, Match, announced that it laid off 2,500 staff in 2023 across all of its businesses.

To mitigate losses, the company has prioritized its high-paying customers over casual users, as well as capitalized on AI chatbots.

Bumble CEO Lidiane Jones promised that the company is already taking "significant and decisive" actions to revitalize the business.

Jones mentioned plans to deliver "new and engaging user experiences" into the Bumble app

Related Article: Tinder's Parent Company Will Start Using ChatGPT in Its Operations

Tech Industry Braces for Slowdown in 2024

Reports of more layoffs are expected to increase throughout 2024 as signs of market struggle in the tech industry are seen this year.

Like with Bumble, many companies have forecasted lower revenues in the first quarter following a slowdown in the previous reports.