Semiconductor maker Micron says it would reduce its headcount by about 10% in 2023, representing about 5000 of its 48,000-strong workforce.

The company, whose market value is currently over $53 billion, said it would hit its reduction target through voluntary departures as well as layoffs and is also suspending its 2023 bonuses.

The restructuring comes as Micron reported fiscal first-quarter 2023 results where it missed analyst estimates for earnings and revenue, and forecast a larger loss per share than expected in the current quarter.

The Idaho-based company which is best known for supplying memory to computer makers is facing an economic environment where PC sales have already sunk affecting memory demand. Server sales are also expected to show little growth in 2023.

Micron now joins the growing list of semiconductor companies that have announced hiring freezes or layoffs.

In December, Intel began the layoff of employees as part of its plan to cut $10 billion in spending. Nvidia announced a hiring slowdown over the summer, and Qualcomm announced its hiring freeze in November.