Dell Technologies (DELL) is cutting 6,650 jobs, or 5% of its global workforce, as it struggles with a slump in demand for personal computers (PCs).
Dell is the latest U.S. technology company to cut jobs due to waning demand and as fears grow about a global recession this year.
In recent months, companies ranging from Amazon (AMZN) to Meta Platforms (META) have announced thousands of jobs cuts.
Rival PC company Hewlett-Packard (HPQ) has also cut 6,000 jobs in recent weeks.
Dell has already implemented cost-cutting measures such as a hiring pause and limits on employee travel as it deals with a post-pandemic decline in PC sales, which account for more than half of its annual revenue.
The market for PCs and computer tablets is set for another year of decline in 2023 with a fall of 2.6% forecast by research firm IDC.
Dell had about 133,000 employees worldwide as of 2022, with about one-third of them based in the U.S.
Dell's stock has fallen 28% over the past year to now trade at $42.24 U.S. per share.
