Bumble announced a 30% workforce reduction on Wednesday after already committing to $15 million in cost cuts, sending its stock up more than 20%. The company is grappling with declining user numbers and revenue in a struggling dating app industry.

Online dating platform Bumble plans to lay off about 240 employees, or roughly 30% of its global workforce. In a securities filing, Bumble disclosed that its board approved the cuts this week as it “realigns its operating structure to optimize execution on its strategic priorities.

Bumble, the beleaguered dating app who’s stock has lost 90% of its value since going public in 2021, is axing 30% of its workforce.