Intel is laying off 12,000 employees globally, or about 11 percent of its workforce, the company said in a statement today.

Intel says it's focusing on growth businesses

According to the statement, the company's "restructuring initiative" comes as Intel moves to focus more on its growth businesses, such as its data center and Internet of Things initiatives. Intel says those, along with some other divisions, added up to $2.2 billion in revenue growth for the company last year, and were responsible for 40 percent of revenue.

For some time, Intel has been fending off a shrinking PC market. In 2014, facing similar pressures, the company moved to cut 5,000 jobs.

Intel said the 12,000 cut jobs will be made through "a combination of voluntary and involuntary departures" and that most employees affected will be told within the next two months. Some of the cuts, however, will stretch out as late as mid-2017. The company said it expects to save $750 million this year because of the eliminated jobs.

"These actions drive long-term change to further establish Intel as the leader for the smart, connected world," Intel CEO Brian Krzanich said in an email to employees, according to the statement. "I am confident that we'll emerge as a more productive company with broader reach and sharper execution."

The company is set to announce its earnings for the first quarter of 2016 later today.