(Reuters) -Dating application Bumble said on Wednesday it will lay off about 240 roles or 30% of its global staff.

Shares of the company rose 12% in premarket trading following the announcement.

Bumble said it will incur non-recurring charges of about $13 million to $18 million for employee severance, benefits and related charges, primarily in the third and fourth quarters of 2025.

The company expects to save about $40 million of annual cost savings, which it plans to reinvest in initiatives such as product and technology development.

The company also raised its second-quarter revenue forecast to a range of $244 million to $249 million, up from the prior view of $235 million to $243 million.