Intel Cuts over 12,000 jobs Globally

Intel Cuts over 12,000 jobs Globally

| Source: Intel Author: Mark Campbell

Intel Cuts over 12,000 jobs Globally

Intel has just announced that they will be letting go of around 11% of their Global Workforce, a move that will be leaving 12,000 employees out of work and cost intel $1.2 billion in restructuring costs.

The company states that they are looking to accelerate their growth in the Cloud computing markets and power more "connected computing devices", meaning that their primary focus may be shifting from the traditional desktop market.

These layoffs will take place over the next 12 months. Right now shares of the company have dropped 2.5% in after trading hours on Wall Street.

In the future, Intel sees their growth in the Datacenter markets and in the Internet of things, with these businesses delivering over $2.2 billion of revenue growth in the last year.

Intel expects their cuts to save the company $750 million this year and save them 1.4 Billion every year from mid-2017 onwards.

This news comes not long after Intel officially dropped their Tick, Tock release model for CPUs, which will see Intel release 3 CPU generations on a single processing node rather than two, hinting that Intel may no longer be willing to pay the high costs of producing smaller and more efficient processing technology every two years.

You can join the discussion on Intel laying off over 12,000 workers on the OC3D Forums.

Intel has announced that they will be letting go of around 11% of their Global Workforce.https://t.co/NNrNueZhzR pic.twitter.com/aEByeCCTZS — OC3D (@OC3D) April 19, 2016

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