"Our results over the last year demonstrate a strategy that is working and a solid foundation for growth," said Brian Krzanich, Intel's CEO, in that statement. "The opportunity now is to accelerate this momentum and build on our strengths." As a result, the firm plans to increase investment in data center, IoT, memory and connectivity while reducing its focus on PCs. The cut of 12,000 positions is a drop of about 11 percent of its workforce.

The announcement arrived at the same time as the company's earnings result for the first quarter of 2016, where it reported a revenue of $13.7 billion. It noted that Client Computing Group revenue was down 14 percent sequentially and up two percent year-over-year and Non-Volatile Memory Solutions Group revenue dipped 15 percent from last month and is down 6 percent year-over-year. Its Internet of Things Group, on the other hand, is healthy at $651 million in revenue, which is up 4 percent sequentially and up 22 percent from this time last year.