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

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.