The dating app bumblers are taking about one third of their workforce, as it struggles to grow and investors are sour on its possibilities.

In a note to the employees, Chief Executive Whitney Wolf Hurd said that she was responding to pressure in front of the company, as the dating industry is facing the “Bhakti point”.

“We need to take decisive action for restructuring to create a company that is flexible, deliberately and ready for the next decade,” he said.

Founder Ms. Wolf Hurd stepped as the owner of the firm last year, but returned to a dialect to move around her possibilities in March.

Bumble, who also owns Badu, made her name as an app, on which women were responsible for starting contact.

Only women users can create first contact with matching male users, while in the same-sex matches either the person can send a message first. This changed those rules last year, however, in bid for strong growth.

Starting on the stock exchange in 2021, the firm was over $ 13bn, with 35-year-old founder Ms. Wolf Hurd was the world’s youngest self-produced woman billionaire.

But its shares have lost almost all their values, and now trade for each $ 7.

Investors have sour on the dating sector, which is struggling to convince people to pay for their services.

At the end of last year, Bumble reported to users paying 4.1 million in its apps, which up to 11% year-to-year. But the firm’s revenue decreased by 2% and lost money.

The company stated that the cuts in jobs, which affects 240 posts, would help reduce expenses by $ 40MA years, which will be revised for efforts such as technology development.

Other firms in the industry, such as matches and tinder, have faced similar struggles. The match said it was cutting 13% jobs in the last month.

After the announcement of job cuts, the stock increased by 20% in Bumble.