Online dating service Bumble has revealed plans to cut a third of its staff as Gen Z have started to ditch online dating in favour of finding love the old fashioned way.
The company behind the UK's third most popular dating app, has reportedly told investors that 240 jobs could be axed in order to save $40 million (£29.4m) a year, with the restructure expected to cost the company $18m.
The company has warned that the industry had reached an 'inflection point', weeks after it revealed falling sales, The Telegraph reported.
Dating apps such as Tinder, Hinge and Bumble peaked during the pandemic when social distancing and isolation made it difficult for young people to meet.
Since 2020, Bumble's share price has plunged 92 per cent. Tinder's owner Match Group has fallen 68 per cent over the same period.
