(Bloomberg) -- Marvell Technology Inc., a maker of wireless, data processing and storage chips, is cutting about 320 jobs, or 4% of its workforce, in what it said was a response to an industry slowdown.

The company confirmed the move to Bloomberg News after notifying employees of the job cuts on Tuesday. 

“We are streamlining our organization to ensure that our workforce is positioned to take advantage of our most promising opportunities, both now and when we emerge from the current industry downcycle,” the Santa Clara, California-based company said in a statement. “Specifically, we have been taking a close look at how our teams are distributed across multiple sites, and how they are being managed to ensure their optimal performance.”

Marvell joins many big chipmakers in cutting staff, with Intel Corp., Micron Technology Inc. and others taking similar steps. More broadly, tech companies such as Amazon.com Inc., Alphabet Inc. and Meta Platforms Inc. have slashed tens of thousands of positions.

Read More: Amazon to Cut 9,000 More Jobs, Deepening Biggest Pullback Ever

Marvell counts Microsoft Corp. and Dell Technologies Inc. as two of its major customers, according to data compiled by Bloomberg. Marvell previously conducted job cuts in China, but the latest moves mark its first significant layoffs in the US in several years.

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