Austin-based Bumble is slashing its workforce and announced a relaunch of its namesake dating app as the company seeks to attract younger users.
Why it matters: Gen Z has expressed a lack of interest in dating apps, creating internal crises among the corporate companies behind them.
Zoom in: The company plans to lay off 30% of its workforce, about 350 jobs, the company announced Tuesday as part of its latest earnings.
Bumble will relaunch the Bumble app in the second quarter of this year with a "compelling modern experience" that has a "stronger appeal to younger users," CEO Lidiane Jones said in an earnings call this week.
The big picture: Millennials were behind Bumble, Tinder and other dating apps that launched and thrived in the 2010s, writes Axios' Kerry Flynn.
But Gen Z has not shared that enthusiasm. 79% of U.S. college and graduate students said they do not use any dating apps, according to an Axios/Generation Lab survey conducted in October.
The bottom line: "I think there is a generational transition that we are seeing," said Jones, who recently took over as Bumble CEO after the app's founder stepped down.
