ZoomInfo Technologies Inc. (GTM) experienced a significant post-market plunge of 26.33% following the announcement of a major corporate restructuring plan and its first-quarter financial results.

The sharp decline comes as the company disclosed a comprehensive reorganization that includes closing its Israel site and transferring operations out of the country by year-end. ZoomInfo plans to reduce its workforce by approximately 600 employees, representing about 20% of its first-quarter headcount, with about 340 employees in the U.S., India, and U.K. already notified of role eliminations.

The restructuring program is expected to result in pre-tax charges of $45 million to $60 million. While the company reported first-quarter adjusted earnings per share of $0.28, beating the estimate of $0.26, and revenue of $310.2 million versus the $307.9 million estimate, investors reacted negatively to the significant restructuring costs and operational changes aimed at simplifying operations and shifting focus upmarket.