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Dating app Bumble’s share value dropped 30 percent after the company slashed its annual growth revenue forecast in its second quarter earnings report.

According to Reuters, Bumble also fell below estimates for its second quarter revenue. The dating app company reported revenue of 268.6 million, below analyst expectations of $273 million.

This report worried investors who compared Bumble’s second quarter to rival Match Group’s, which reported relatively better revenue numbers driven by robust growth at Hinge and more stability at Tinder.

Dating app giant Match Group announced its plan to cut six percent of its workforce after numbers for the company’s second quarter fell short of expectations, according to BBC.

Match Group owns the popular dating app Tinder (which has seen a significant decline in downloads), along with Hinge, Plenty of Fish and OkCupid, among others. The company’s second quarter earnings report showed an 8 percent decline among the number of paying Tinder users according to multiple reports. Hinge still remains a bright spot with significant growth.

According to BBC, Match Group said job cuts would largely come from shutting down its live-streaming app Hakuna and removing live-streaming features from some of its dating apps. (Despite the popularity of livestreaming dating apps in China, it hasn’t really taken off in the rest of the world.)

Image: Crispa

Chispa, Match Group’s dating app for Latino singles, has launched a summer college tour for select cities, in partnership with Sorry Papi. The tour is aimed at building community and awareness of the app among young college students, the target demographic for the app.

Each event features music, dancing, and opportunities for people to connect on the Chispa platform, according to the company's press release. In fact, those logging onto the dating app during the tour will have a chance to win a trip for two to Puerto Rico or Baja with Sorry Papi.

"We couldn't be more thrilled to team up with Chispa," said Jaqueline Terrazas, Tour and Project Manager at Sorry Papi. "Together, we are bringing together communities in a way that celebrates our heritage and creates lasting memories."

A former Catholic priest has brought a lawsuit against Grindr for allegedly selling his personal data without his knowledge or consent. He says the public “outing” cost him his job and his reputation.

In the lawsuit, Monsignor Jeffrey Burrill claimed that Grindr failed to inform him that his data was being sold to vendors, thereby allowing people outside of the app to know he was using it and causing him “significant damage,” according to The New York Post.

This follows a class action lawsuit in the U.K. brought by 650 plaintiffs alleging that Grindr shared their data with third parties without their knowledge or consent, including sensitive data like HIV status. The lawsuit also alleges that some of the third parties might have retained some of this data for their own purposes.

Singles are gravitating towards more targeted dating apps and moving away from the one-size-fits-all platforms like Tinder and Bumble.

According to an article in The Financial Times, specialty apps like Grindr (which serves gay and bisexual men) and Feeld (which serves those looking for non-traditional relationships), are seeing downloads and new users increase. Investors are noticing and are looking to these apps rather than the one-size-fits-all dating apps dominating the market.

Tinder and Bumble have seen a decline in downloads and paying users, which has rattled investors. According to the FT, Match Group which owns Tinder has shed about a fifth of its market value since the beginning of 2023, compared to Grindr whose shares have more than doubled in the same time period.

A vast majority of 79 percent of Gen Z singles said they have experienced dating app burnout, according to a new study by Forbes Health.

The study found that in the last six months, 49 percent of those who reported burnout were using Tinder, followed by Plenty of Fish at 38 percent and Bumble at 29 percent. Raya users had the least amount of burnout reported, at only 3 percent.

“People who experience burnout with dating apps are exhausted from constantly meeting new people, failing opportunities and lies,” Dr. Rufus Spann, a sex therapist and Forbes Health Advisory Board member, said in an article about the study. “Over time, the unfortunate misgivings of being on a dating app can cause someone to lose hope in the dating process and finding the right person.”