Intel to lay off 12,000 people. Is the iconic chipmaker in trouble?
The technology pioneer announced a new focus that shifts its business further away from its legacy in personal computers to the fast growing cloud and 'Internet of Things' industries.
As it navigates its path into the future, Intel, the 47-year-old corporation best known for making microprocessor chips that power personal computers, has announced significant changes to its business.
On Tuesday, Intel’s CEO Brian Krzanich said in a letter to employees that the company over the next year will cut its 107,300-person global workforce by 12,000 people, or 11 percent.
The move, said Mr. Krzanich, is meant to help transform Intel from a PC company to one that powers the cloud and the ‘Internet of Things,’ a term used to describe connected devices such as washing machines, coffeemakers, and automobiles. It also will save the chipmaker $750 million this year, says Intel in a public announcement.