San Francisco, California - Online dating platform Bumble on Tuesday announced plans to cut 350 positions, about a third of the business's workforce, as part of a restructuring plan.

The reduction is intended to "align its operating model with future strategic priorities," the company said in an earnings release.

Texas-based Bumble reported a net loss of $32 million on $273.6 million in revenue in the final three months of last year.

That was an improvement from the $159 million loss on $241.6 million in revenue during the same quarter in 2022, the company said.

"We announced solid full-year results and a bold plan to transform Bumble and lead the company to its next phase of growth and innovation," chief executive Lidiane Jones said.

An average of 40 million people combined used the company's Bumble, Badoo, or Fritz apps monthly in 2022, according to a filing with the US Securities and Exchange Commission.

Bumble had more than 950 full-time employees at the end of 2022, with approximately 770 of those workers located outside the United States, the company said in the filing.

Mass layoffs have become commonplace at tech companies like Amazon, Meta, and Microsoft recently, with even Silicon Valley giants having to tighten their belts.