Micron Technology, a major supplier of memory chips for computers and smartphones, said Thursday expects smartphone sales to be significantly lower than expected before the end of 2022, citing slowing consumer demand.

Micron CEO Sanjay Mehrotra said during a call with analysts about earnings that he expects smartphone volume to fall by around 5% year-over-year. Analysts expect growth of about 5%, Micron said. The company also warned that it believed computer sales could lose 10% yearly and made changes in productivity growth to meet weaker demand.

He added that some computer and smartphone customers "adjusted their inventory" in the year's second half.

Micron's warning is the latest sign that the market for computers and phones is just beginning to collapse after two years when the pandemic fueled growth as people worked from home and went to school.

Micron supplies memory to smartphone makers, including Apple, Motorola, and Asus, so it sees a broader trend in sales.

"Towards the end of the we saw a significant decline in household demand in the industry, mainly due to weak final demand in consumer markets, including PCs and smartphones," said Mehrotra. “This consumer market has been affected by weak consumer spending in China, the war between Russia and Ukraine, and rising global inflation.

The chipmaker's forecast is in line with several third-party estimates in the industry. Earlier this week, Gartner forecast that global mobile phone sales would fall 71% in 2022, lowering its previous 2.2% growth.

Shares of Micron fell more than 2% in the company's extended trading report for the third fiscal quarter of 2022, which ends June 2. Revenue was up 16 percent year-on-year to $8.64 billion, and the company's $2.59 profit beat analyst expectations.