Intel To Shed 12,000 Jobs Amid PC Market Sagging Sales

US tech giant Intel Corporation will cut about 12,000 jobs, about 11 percent of its workforce, over the next 12 months amid the declining dynamics of personal computers sales, the company announced.

“While making the company more efficient, Intel plans to increase investments in the products and technologies that that will fuel revenue growth, and drive more profitable mobile and PC businesses… These changes will result in the reduction of up to 12,000 positions globally — approximately 11 percent of employees — by mid-2017 through site consolidations worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs,” the company said in a press release Tuesday.

To make the corporation more profitable, the company’s management plans to boost “investments in its data center, Internet of Things, memory and connectivity businesses, as well as growing client segments such as 2-in-1s, gaming and home gateways,” the press release said.

“Intel expects the program to deliver USD 750 million in savings this year and annual run rate savings of USD 1.4 billion by mid-2017. The company will record a one-time charge of approximately USD 1.2 billion in the second quarter,” the US firm specified.

The California-based corporation was founded in July 1968. It is one of the world’s largest semiconductor companies and the inventor of the x86 series of microprocessors for personal computers. It also produces motherboard chipsets, network cards, flash memory, graphic chips and other devices related to communications and computing. (PNA/Sputnik) JSV/SSC