The Bumble layoffs will affect 30% of its global workforce and should help the company with annual cost savings of around $40 million.

Bumble announced Wednesday that it’s laying off 30% of its workforce—about 240 employees—in a move aimed at cutting costs. According to a security filing, the decision is expected to save the company around $40 million a year. This realigns its “operating structure to optimize execution on its strategic priorities,” said the dating platform.