Bumble

Online dating platform Bumble plans to lay off about 240 employees, or roughly 30 per cent of its global workforce. In a securities filing, Bumble disclosed that its board approved the cuts this week as it realigns its operating structure to optimize execution on its strategic priorities. The Austin, Texas-based company expects to see USD 40 million in annual cost savings spanning from the workforce reductions, much of which it says it will invest in product and technology development. These decisions were not made lightly, and we are deeply grateful for the contributions of every employee impacted," Bumble said in a statement sent to The Associated Press Wednesday adding that it was now focused on moving forward in a way that strengthens our core business and "positions us for future growth. Shares for Bumble soared more than 23 per cent following the news. Its stock traded at just over USD 6.40 as of Wednesday afternoon. Bumble did not immediately specify when it would implemen

From romance to real friends: Dating apps pivot to platonic connections as post-pandemic 'app fatigue' fuels demand for friendships

Bumble said total paying users across its apps increased to 4.3 million in the third quarter ended Sept. 30, from 3.8 million a year earlier

The firms generate bulk of revenue by selling subscriptions, with smaller income streams from advertising. But they're struggling to grow those sales

Bumble had more than 950 full-time employees at the end of 2022, of which about 770 are located outside of the US, according to a separate filing

Politics is becoming part of first-date conversations, and even a dealbreaker

Match Group has a total market cap of $11.85 billion and owns brands including Tinder, Hinge, Match, OKCupid, Plenty of Fish, and OurTime

The new tool works by automatically blurring a potential nude image shared within a chat on Bumble. Users will be notified, and it is up to them to decide whether to view or block the image

According to company executives, users on dating apps, such as Tinder, Bumble, and TrulyMadly, from outside of metro cities now account for 70 per cent

The new proposed rules would put Australia among the most stringent countries in terms of age controls for social media.

Despite the social distancing of the past 18 months, the use of dating apps in general has surged as people sought connections amid their isolation

Dating app Bumble has on Tuesday given its 700 staff worldwide a week's paid break to combat workplace stress, the media reported.

Founded by Tinder co-founder Whitney Wolfe Herd, Bumble raised $2.2 billion in its initial public offering last month

Dating apps have benefited from social distancing restrictions that made people yearn for company as casual gatherings with friends and family became a rarity

Business Standard brings you top news of the evening

Bumble's IPO launches Herd into a rarefied club of self-made female billionaires

Shares of Bumble, were set for a more than 67% jump in their market debut on Thursday, indicating a valuation of over $13 billion for the operator of the dating app where women make the first move.

The IPO gave the Austin, Texas-based company a market capitalization of more than $7 billion

The firm on Monday increased the size of its much-awaited stock market debut

No plans have been finalized and the timing of Bumble's IPO could still change