Bumble is laying off 30 percent of its workforce.

CNN reports the dating app will lay off 240 positions, a move that will save Bumble $40 million annually.

“These decisions were not made lightly, and we are deeply grateful for the contributions of every employee impacted,” a Bumble spokesperson said in a statement to CNN. “Our focus now is on moving forward in a way that strengthens our core business, continues to serve our members effectively, and positions us for future growth.”

CNN reports fellow dating apps Hinge and Tinder are also struggling. In May, Match, Hinge and Tinder’s parent company, reduced its workforce by 13%, amounting to about 300 employees.

Online job platforms cutback

Beyond dating platforms, two once-popular job search platforms are also experiencing financial hardship.

Monster and CareerBuilder, two sites that soared to popularity during the dotcom boom, voluntarily filed for Chapter 11, reports CNN. The Washington Post writes both companies struggled to stay competitive in the job recruitment industry after the internet bubble burst, particularly with competition from other job sites, including Indeed.com.