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, the beleaguered dating app whose stock has lost 90% of its value since going public in 2021, is axing 30% of its workforce. The company announced in a regulatory filing Wednesday that the layoffs amount to 240 positions and will save Bumble $40 million annually.

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.