Bumble’s new CEO talks about her critical mission: to spice things up at the company Tis the season for turnaround CEOsSince Bumble’s blockbuster IPO at the height of the pandemic, investors’ ardor with the dating service has cooled.
Part of it ties to AI, which Bumble’s rivals are also leaning into more heavily.
But as we approach our 10-year anniversary, it’s a great moment to think about how we best serve our mission.
Historically, what we’ve seen is that a lot of men will come to Bumble who believe in women being empowered.
Bumble has always been great at community-based marketing: hosting events and finding ambassadors who really want to represent the brand.
Bumble has lost a third of its Texas workforce in the months since the state passed the controversial abortion SB 8 (Senate Bill 8), also known as the Texas Heartbeat Act, over a year ago.
We’ve supported employees who’ve chosen to move out of state,” Monteleone added.
“We — since SB 8 — have seen a reduction in our Texas workforce by about a third.
The dating app maker became the first business to join an amicus brief in support of a lawsuit against the Texas abortion law, Zurawski v. State of Texas, filed by the Center for Reproductive Rights.
The dating app maker posted a weak Q4, with a $32 million net loss and $273.6 million in revenue.
Elsewhere, Mistral, the French AI startup, launched a new model to rival OpenAI’s GPT-4 — and its own cheekily named chatbot dubbed Le Chat.
NewsApple car canceled: Apple has scuttled its secretive, long-running effort to build an autonomous electric car.
Bumble stumbles: Bumble posted weak Q4 results showing a $32 million net loss and $273.6 million in revenue — below Wall Street expectations.
Google’s AI goes awry: Google has apologized for an embarrassing AI blunder this week: An image-generating model that injected diversity into pictures with a farcical disregard for historical context.
PodcastsOn Equity, the crew talked through startup news from Microsoft and Mistral AI, Thrasio and Glean — and also covered happenings over at COTU Ventures and Zacua Ventures.
Dating app maker Bumble is rethinking its vision for the company’s future after announcing weak earnings and massive job cuts that will see the company cutting a third of its staff, or around 350 employees.
“Candidly, we have been slow to realize this broader vision with Bumble BFF thus far,” she told investors on Tuesday’s Q4 2023 earnings call.
The CEO noted that the current BFF product has a small, but strong following.
This is due to BFF using the same one-to-one match paradigm for friendships as Bumble uses for dating.
That could limit BFF’s ability to monetize as Bumble’s dating product does.
Bumble, a once-powerful force in online dating, is facing a reckoning.
CEO Lidiane Jones announced that 37% of Bumble’s workforce, or about 350 employees, would be let go, and that Bumble would embark on an app overhaul targeted at reviving growth.
And many of the capabilities introduced in Bumble’s apps in the past 18 months haven’t resonated with the user base, Jones said during the call.
Jones, who joined from Slack in January, appointed four new C-suite executives at Bumble in the last week alone.
Dating apps generally — including Match Group’s — have seen declining revenue from users reluctant to fork over cash for premium add-ons.
