Bumble, the company that produces the online dating app designed to empower women, on Wednesday announced it is laying off 30% of its staff in a bid to reverse financial problems.

Bumble announced this week that it’s laying off nearly a third of its employees. Its stock prices have fallen sharply since its 2021 IPO.

The firm's founder became the world's youngest self-made female billionaire when it launched on the US stock market.