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.

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 has announced plans to lay off about 240 employees, roughly 30% of its workforce. The dating app disclosed this decision in a securities filing this week, citing a need to realign its operations and focus on strategic priorities.