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Chipmaker Intel said Friday that it plans to cut five percent of its staff, a day after reporting lower-than-expected earnings.

Intel spokesman Chris Kraeuter said the company expects to end 2014 with its workforce down five percent from the 108,000 people it employed at the end of 2013.

However, the cuts could take a variety of forms.

“This is not a layoff,” Kraeuter said. “When we talk about reduction of the workforce there are a number of things that can happen. It could include redeployments, voluntary programs, retirements, and through attrition.”

About 4 percent of Intel’s workers leave each year, Kraeuter said.

“Our business groups are developing plans to reduce spending and this will include some reduction in headcount. In addition, we are realigning and refocusing our resources to meet the needs of the business,” he said.

The company has been working to adjust to a world where the PC market has stalled, and it has struggled to make inroads in the faster growing phone and tablet arena. CEO Brian Krzanich has said Intel chips will power 40 million tablets this year, and has also made big bets on the wearable market.