03:57 PM EDT, 06/25/2025 (MT Newswires) -- Bumble (BMBL) said that it is reducing about 30% of its global workforce, while the dating apps operator raised its second-quarter outlook, sending its shares soaring.

The company's board recently approved a reduction of roughly 240 roles, with a view to achieving up to $40 million in annual cost savings, according to a Wednesday filing with the US Securities and Exchange Commission. Bumble said it intends to reinvest substantial majority of the savings in product and technology development, among other things.

"Bumble, like the online dating industry itself, is at an inflection point," Chief Executive Whitney Wolfe Herd told employees in a memo contained in the SEC filing. "We've reset our strategy, and are going back to a start-up mentality -- rooted in an ownership mindset and team structures designed for faster, more meaningful execution."

The company said it now expects second-quarter revenue of $244 million to $249 million, up from its prior outlook range of $235 million to $243 million. Analysts polled by FactSet are looking for $240.3 million.

Bumble now projects second-quarter adjusted earnings before interest, taxes, depreciation, and amortization between $88 million and $93 million, up from its previous guidance range of $79 million to $84 million.

The company's shares jumped 24% ahead of market close on Wednesday. The stock has lost 20% in value so far this year.

Bumble expects layoffs to result in $13 million to $18 million of nonrecurring charges, primarily in the third and fourth quarters, according to the filing.

"We need to take decisive action to restructure to build a company that's resilient, intentional, and ready for the next decade," Wolfe Herd said. The company is looking to prioritize "core product innovation" and return to a member-first approach as part of its strategy, according to the memo.

Last month, Bumble reported first-quarter earnings of $0.13 a share, down from $0.19 a year earlier, while revenue fell 7.7% to $247.1 million. Paying users ticked lower to about 4.01 million from 4.02 million, while average revenue per paying user fell.

Price: 6.49, Change: +1.28, Percent Change: +24.47