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.

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.