Match Group (NASDAQ:MTCH) shares dropped 5% on Wednesday following the company’s reported Q4 results, with EPS of $0.30 coming in worse than the Street estimate of $0.46. Revenue was $786 million, compared to the Street estimate of $786.89 million. Overall payers fell by 1% year-over-year to 16.1 million.

The company expects Q1/23 revenue to be in the range of $790-800 million, compared to the Street estimate of $816 million. For Tinder, Direct Revenue is expected to grow slightly year-over-year, while Hinge Direct Revenue is expected to increase more than 25% year-over-year. The company also announced that it is cutting 200 jobs or about 8% of its workforce as spending on its apps slows.

Furthermore, the company announced that Tinder will launch its first global marketing campaign in Q1 to improve brand perception. The decision was made following concerns raised by analysts that the insufficient advertising for Tinder would negatively impact the business, as competitors such as Bumble become more intense, and the threat of an economic downturn dissuades lower-income users from using the app.