Bumble Blues: Dating App Stumbles
Growth Fears Send Shares Tumbling
Financial Woes Hit Women-Centric Platform
The world of online dating has hit a snag, with Bumble Inc. guiding for lower revenue growth for the year. As a result, shares of the women-centric dating app plunged nearly 30% on Thursday. Bumble's annual revenue growth forecast has been slashed, stoking concerns about dating app fatigue.
NASDAQBMBL, a once-high-flying stock, is now grappling with financial woes. Bumble's stock has crashed 33%, set to lose $350 million in market value after the company trimmed its 2024 revenue guidance. The stock has stumbled nearly 30% as the dating app expects tougher times ahead.
CEO Lidiane Jones announced that 30% of Bumble's workforce, or about 350 employees, will be laid off. This move is part of a broader cost-cutting effort as the company looks to navigate a challenging market.
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