Bumble Hits Record Low as It Plans App Overhaul to Revive Growth

Bumble Inc. shares fell to a record low after it announced a weaker-than-expected outlook for sales, underscoring concerns about slowing user growth in the US online dating industry. The company is also cutting about one-third of its workforce after a recent executive shakeup and an overhaul of the app.

The Austin-based company will eliminate about 350 roles globally, it said Tuesday while reporting quarterly results. The cuts will help centralize engineering and product teams in fewer locations and accelerate decision-making so the company can prioritize artificial intelligence and safety features, Chief Executive Officer Lidiane Jones said on a call with ...