“We are going to be saying goodbye to the swipe and hello to something that I believe is revolutionary for the category,” Wolfe Herd said.

Bumble is planning to overhaul its app later this year, following several disappointing quarters in which the app consistently lost paying users. In this year’s first quarter, Bumble’s paid users fell about 21% to 3.2 million, down from 4 million last year.

Redesigning the app is a pretty serious intervention, signaling to investors that the situation is dire. But like any good CEO, Wolfe Herd has done some verbal gymnastics to argue that Bumble is doing a very good job at losing money.

“This is a period of real transformation at Bumble over the past few quarters,” she said on this week’s quarterly earnings call. “We have executed a deliberate reset of our member base. We made a clear choice to prioritize quality over quantity, focusing on well-intentioned, engaged members. That decision reduced overall scale, but meaningfully improved the health of our ecosystem.”