Bumble Announces 30% Job Cuts as It Raises Quarterly Outlook

Bumble Inc. said it’s cutting almost one-third of its staff, months after founder Whitney Wolfe Herd returned as chief executive officer to overhaul the struggling dating app.

The Austin-based company will eliminate around 240 roles globally, or about 30% of its workforce, it said in an exchange filing Wednesday. It expects to achieve as much as $40 million in annual cost savings from the reductions, and plans to “reinvest the substantial majority” of those savings in “strategic initiatives including product and technology development.”

Shares of Bumble jumped 23% after markets opened in New York.

Bumble and rival Match Group Inc. ...