AUSTIN, Texas — Online dating app company Bumble on Tuesday announced plans to lay off 350 employees, or 37% of its global workforce.

In its fourth quarter report, Bumble said the layoffs were part of a plan to align its “operating model with future strategic priorities and to drive stronger operating leverage.”

For the fourth quarter of 2023, Bumble reported a total revenue increase of 13.2% to $273.6 million, compared to $241.6 million in 2022. The company's net loss was $32.0 million, or 11.7% of revenue. 

The company says it plans to take on $20 million to $25 million in fees from employee severance, benefits and “related charges” for affected employees. Most of these changes will be recognized in the first two quarters of 2024.

Bumble is headquartered in Austin, Texas, with international offices in London and Barcelona. According to a report from CNBC, the dating app company had 950 employees as of Dec. 31, 2022.

In a statement on Tuesday, Bumble CEO Lidiane Jones explained that the company came to the decision because of a recent slowdown in some markets, and pointed to the need to downsize.

“We also concluded that Bumble is not the right size or structure we need to be to meet the opportunity ahead. Ultimately, we need to run a leaner, more agile, and more efficient company. In order to do this, we are reducing the size of our workforce, centralizing mission-critical teams, removing layers, and addressing duplicate efforts so we can accelerate how quickly we innovate and go to market,” Jones said.

Jones emphasized that the layoffs are not based on performance. She said affected employees will be formally notified Wednesday, and the company will begin meetings Wednesday as well to discuss the decision. Layoffs for some employees will be immediate, while others will first go through a consultation process that will conclude in April.

Jones was appointed CEO on Jan. 2, 2024, after co-founder Whitney Wolfe Herd stepped down to assume the position of executive chair.