Match Group, which owns Match.com and other big dating apps, announced its quarterly earnings today and announced a workforce reduction that new CEO Spencer Rascoff said will reduce “around 1 in 5 managers overall.

(Reuters) -Match Group on Thursday forecast second-quarter revenue above Wall Street estimates and said it would reduce 13% of its workforce to cut costs, as the Tinder parent plows ahead with its business revamp plan.

CEO Spencer Rascoff said the headcount reduction, along with other cost-cutting measures, will generate more than $100 million in annualized savings, including $45 million in 2025.