April 19--Intel Corp. will slash 12,000 jobs, or about 11% of its workforce, to help offset declining PC sales and reposition the giant chipmaker into cloud computing and smart devices, the company said Tuesday.
"We are evolving from a PC company to one that powers the cloud and billions of smart, connected computing devices," Intel Chief Executive Brian Krzanich said in a statement.
The job cuts were announced the same day Intel posted first-quarter earnings that came in slightly higher than expected.
The Santa Clara company reported earnings of 54 cents per share, above the 48 cents per share that analysts polled by Thomson Reuters had expected.
Before the announcement was made, Intel shares closed at $31.60, down 5 cents from a day earlier.
Intel is under pressure to restructure its business, which relies on PCs for about two-thirds of its revenue.
PC sales have experienced steady decline. Gartner said PC shipments fell 10% in the first quarter of 2016 compared with the same period a year earlier.
