(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.

Shares of the Dallas, Texas-based company rose 2.7% in premarket trading.

The layoffs are the first major structural change at Match since new CEO Spencer Rascoff took the helm in February and was tasked with tackling a slowdown in user engagement.