Intel plans to cut five percent of its global workforce in 2014, the company said Friday.

The announcement, first reported by Reuters, comes a day after the company released its fourth-quarter earnings report. That report reaffirmed what we all know: PC shipments are in rapid decline.

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Earlier this week, Intel announced that it was halting plans to open its $5 billion "Fab 42" chip factory in Chandler, Arizona. Originally, the facility was to be used for all of Intel's latest and most high-profile chipsets. Instead, the facility will remain vacant and according to the company, "be targeted at future technologies."

Intel has 107,000 employees, so five percent cut equals about 5,300 jobs. In a statement to Reuters, Intel spokesman Chris Kraeuter said that the cuts were "part of aligning our human resources to meet business needs."

Intel has long dominated the PC chip business. However, with slowing sales and continuous quarter-over-quarter drops of traditional computers and laptops, Intel is on the ropes. Its attempts to enter the smartphone and tablet space have been largely unsuccessful, with ARM-based rivals such as Qualcomm and Samsung dominating that market.