Intel To Slash 12,000 Jobs (INTC)

Intel to slash 12,000 jobs (INTC)

Trading was briefly halted on Intel ahead of earnings on news that it plans to cut 12,000 jobs, or 11% of its workforce.

Here are the reported numbers for Q1 2016.

EPS (non-GAAP): $0.54 vs $0.49 expected.

Revenue: $13.8 billion vs $13.984 expected.

The company is in the middle of a revamp as it hopes to overcome a years-long slump in PC sales, and do a better job capitalizing on the rise of mobile devices, which have typically been dominated by chips designed and built by rivals like ARM and Qualcomm.

The company’s latest big push has been into the “Internet of things” — basically, getting its chips into all sorts of household and common objects to let them communicate with each other and apps over networks, including the public Internet.

Recently, an executive that Intel hired from Qualcomm, Venkata “Murthy” Renduchintala, slammed the company in an internal memo, citing “lack of product/customer focus in execution that is creating schedule and competitiveness gaps in our products." 

The company was recently reported to be planning layoffs of "thousands,” according to OregonLive.

SEE ALSO: Intel’s big hire from Qualcomm blasts the company in a leaked memo

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