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, an Austin-based dating app company, is laying off 30% of its workforce. It is unclear how many Austin employees will be affected.

Bumble announced this week that it’s laying off nearly a third of its employees. Its stock prices have fallen sharply since its 2021 IPO.