Micron Technology (MU) has announced plans to reduce its global workforce by 10% as demand for its computer chips continues to decline.

Micron, the largest maker of memory chips, gave a downbeat forecast for its future revenue, saying it expects the decline in demand for computer components to drag on throughout 2023.

The company had 48,000 employees as of September 1 this year, and said it plans to reduce its staff level by 10%, with cuts coming in all departments. The company also suspended bonuses this year.

News of the workforce reduction followed disappointing quarterly earnings from Micron.

The Boise, Idaho-based company reported a loss per share of $0.04 U.S. versus a profit of $0.01 U.S. that had been expected among analysts. Revenue in the period totaled $4.09 billion U.S. compared to $4.11 billion U.S. that had been estimated.

Looking ahead, Micron said its sales will be about $3.8 billion U.S. in the current quarter, which is below the average estimate of $3.88 billion U.S., according to Refinitiv data.

The company is now projecting a loss of $0.62 U.S. a share for the period ending in February, compared with a loss of $0.29 U.S. expected by Wall Street analysts.

Micron said it plans to cut its budget for new plants and equipment, and now expects to spend about $7 billion U.S. during its current fiscal year, down from an earlier target of $12 billion U.S. in spending.

In November of this year, Micron warned that it was cutting production by about 20% in response to market conditions.

Micron’s stock is down 47% in 2022 and trading at $51.19 U.S. per share.