(KRON) — Monday, Dell Technologies announced plans to cut five percent of its workforce, according to a SEC filing. This would impact about 6,650 employees, CNBC reported.

This accompanies several decisions the Texas-based tech company had made recently to “help our company navigate the challenges of the global economic environment and uncertainty ahead,” a letter to employees published on Dell’s corporate blog stated, including a pause on external hiring, limiting travel and reducing outside services spend.

“Remember, we’ve navigated economic downturns before and we’ve emerged stronger,” said vice chairman and co-chief operating officer Jeff Clarke. “We’ll prevail as we always do, for our customers, partners and each other. We’ll be more competitive, more focused and find a new level of operational performance. We will be ready when the market rebounds.”

As of Feb. 6, Dell’s stock price has fallen about 31 percent year over year.

This is just one of many major tech companies around the country to announce layoffs, including Coinbase, Google, PayPal and Salesforce.

Many companies have cited having to readjust after an aggressive hiring period during the COVID-19 pandemic.