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.

The online-dating platform Bumble is laying off roughly 30% of its workforce as part of an effort to arrest a yearslong decline, the company announced in a Securities and Exchange Commission filing Wednesday.

Bumble shares rallied more than 26% on Wednesday after the dating app company revealed in a securities filing that it intends to slash 30% of its workforce, or about 240 roles