Bumble shares fall as CEO signals need for app revamp

London: Bumble shares slumped about 10 per cent on Wednesday after its downbeat quarterly revenue forecast underscored the need for a revamp of the dating-app experience to attract newer generations seeking companionship.

The company is also set to eliminate 350 jobs, or 37 per cent of its workforce, it said on Tuesday, as new CEO Lidiane Jones moves to steer Bumble through sluggish user spending in an industry she said “hasn’t seen true innovation in several years”.

Bumble announced plans to relaunch its eponymous app and refresh the Premium Plus subscription offering, nearly a month after rival Match Group projected January-March revenue below estimates as the Tinder owner updates its apps in a bid to appeal to Gen Z users and women.