Bumble slashed its workforce and announced a relaunch of its namesake dating app as the company seeks to attract younger users.

Why it matters: Gen Z has expressed a lack of interest in dating apps, creating internal crises among the corporate companies behind them.

Zoom in: The Austin-based company plans to lay off 30% of its workforce, about 350 jobs, the company announced Tuesday as part of its latest earnings.

• Bumble will relaunch the Bumble app in the second quarter of this year with a "compelling modern experience" that has a "stronger appeal to younger users," CEO Lidiane Jones said on Tuesday's earnings call.
• New features include an easier way to create profiles, insights on profile pictures and better app performance, Jones said.

The intrigue: Tinder, the most popular dating app in Match Group's portfolio, also is looking to make profile creation easier.

• The app is testing an AI feature called photo selector to recommend profile photos, Tinder CEO Faye Iosotaluno recently told Axios.
• To reach younger people, Tinder also brought back its marketing efforts on college campuses.

The big picture: Millennials were behind Bumble, Tinder and other dating apps that launched and thrived in the 2010s.

• But Gen Z has not shared that enthusiasm. 79% of U.S. college and graduate students said they do not use any dating apps, according to a Axios/Generation Lab survey conducted in October.

The bottom line: "I think there is a generational transition that we are seeing," said Jones, who recently took over as Bumble CEO after the app's founder stepped down.

• "We think there is an opportunity to approach younger users differently to meet the need of more organic discovery of friendship, companionship, love and beyond," Jones added.

Go deeper: Dating apps are on the rocks with Wall Street