Wall Street cheers as Bumble lays off 30% of its staff

Bumble is up more than 18% after it announced that it was laying off nearly a third of its staff, a cost-cutting measure that sparked some investor confidence in the troubled women-focused dating app.

Bumble will let go about 240 employees, or 30% of its headcount, the company said in a regulatory filing on Wednesday. The company expects the move will save it $40 million this year.

Bumble, which reported an operating loss of $700 million last year, has struggled to grow its revenue. Earlier this year, the company shook up its leadership and brought back its founder, Whitney Wolfe Herd, to lead the business.

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