Intel May Cut Thousands Of Jobs By Year-end

Posted: Apr 17 2016, 1:47am CDT | by , in Latest Business News


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Intel may cut Thousands of Jobs by Year-end
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After announcing the departure of its two top executives last week, US-based electronics chipmaker Intel is reportedly preparing to cut thousands of jobs across its business units by the year-end, a media report said.

The cutbacks will reduce employment in some parts of the business by double-digit percentages, quoted a source in the company as saying.

The planned downsizing could begin soon after Intel reports its first-quarter financial results on April 19, though sources say timing and specifics remain fluid, the report said.

After Intel eliminated more than 1,100 jobs in the US after the anticipated sales growth failed to materialise, it had 107,000 employees worldwide at the end of December 2015.

Intel has seen a decline in the personal computer market, which brings nearly 60 percent of its revenue. This is due to the shifting of consumers and businesses to mobile, delaying upgrading of older computers.

Reportedly, the company is reshaping its leadership and workforce to develop new markets beyond personal computing.

Last year, Intel's former president Renée James left and was replaced by Venkata "Murthy" Renduchintala from rival chipmaker Qualcomm.

Sources inside the company say the roles of other top executives are also in a flux. Intel did not comment on this.

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