(Bloomberg) -- Match Group Inc. will reduce its global workforce 8% after the dating-app company provided first-quarter revenue guidance that fell short of analysts’ estimates and looks to cut costs, Chief Financial Officer Gary Swidler said on a call Wednesday.

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The cuts have already been made in the US, and are ongoing in other countries, Swidler said. Match shares fell 7.6% in premarket trading Wednesday in New York.

The Dallas-based company said Tuesday it expects total revenue of $790 million to $800 million in the first three months of 2023, missing analyst estimates for $816 million. According to regulatory filings for 2021, Match had about 2,500 full time and 40 part-time employees at the end of the year, 35% more than the previous year.

The company is reviewing how to pare spending on areas like jobs, marketing and office space, and expects to incur about $6 million of severance and similar expenses, it said in a statement Tuesday. It’s also preparing to shift savings from lower-growth brands into higher-growth businesses. Match says the move will produce an improvement in margins in the second half of the year as revenue growth accelerates.

The disappointing outlook caps a difficult year for the owner of dating apps like Tinder, Hinge and OkCupid. In 2022 the company changed chief executive officers, was hampered by a strong dollar weighing on overseas sales and dealt with a hangover from Covid-19 restrictions. Those factors sent its shares plummeting almost 70% last year, making it the second-worst performer in the S&P 500.

The final three months of the year were tough. Fourth-quarter sales fell 2.5% to $786 million while the number of paying customers dropped 1% to 16.1 million in the period.