Intel is set to shed up to 12,000 jobs globally, in a massive restructuring effort to reduce its dependence on the personal computer market which is witnessing sluggish growth.
The move will eliminate about 11 per cent of the workforce by mid-2017. Intel said most of the employees affected will be notified in the next 60 days. Intel bet heavily on the PC business years ago, but its microprocessors have dominated the PC industry.
The company has failed to replicate that success across mobile devices, which have now replaced traditional desktops and laptops. About 60 per cent of Intel’s sales and profits came from its microprocessor and chip business.