Match Group Inc said on Wednesday it would lay off about 8 percent of its workforce, a day after it forecast first-quarter revenue below Wall Street expectations.

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The company has already cut jobs in the United States and the process is ongoing in other countries, Chief Financial Officer Gary Swidler said on the earnings call.

Shares of the Texas-based firm were down 7.8 percent, having lost 11 percent after the bell on Tuesday following its downbeat forecast.

The dating company joins Big Tech firms and Wall Street titans in reducing staff as they strive to cut costs amid concerns of a recession.

Match said on Tuesday it expected to incur about $6 million in severance and similar expenses in 2023, adding that its cost cuts will help improve margins in the second half of the year.

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