Intel to Cut 12,000 Jobs
April 19 2016 - 4:50PM
Dow Jones News
Intel Corp. said it plans to reduce its global workforce by up
to 12,000 jobs as the semiconductor giant reported a
worse-than-expected 7% increase in first-quarter revenue.
The chip maker had a global workforce of 107,300 employees at
the end of 2015, according to a regulatory filing.
Intel said the job cuts are part of the company's restructuring
away from a computer-based company to one that powers the cloud and
billions of connected computing devices.
Over all, Intel reported a profit of $2.05 billion, or 42 cents
a share, up from $1.99 billion, or 41 cents a share, a year
earlier. Excluding certain items, the company reported per-share
earnings of 54 cents. Analysts polled by Thomson Reuters expected
per-share profit of 48 cents.
Revenue increased to $13.7 billion from $12.78 billion. The
company expected $14 billion, plus or minus $500 million. Analysts
expected revenue of $13.83 billion,
For the second quarter, Intel projected revenue of $13.5
billion, plus or minus $500 million. Analysts polled by Thomson
Reuters expected revenue of $14.16 billion.
Shares of the Santa Clara, Calif., company were halted in
after-hours trading.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 19, 2016 16:35 ET (20:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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