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.

Bumble said it’s cutting 240 roles in a major restructure aimed at saving $40 million a year and funding tech innovation.