Intel's major restructuring effort will result in 12,000 layoffs

Intel has announced a major restructuring effort that will cost 12,000 jobs, or 11 per cent of its workforce to mid-2017. The news comes as the company's plans to "accelerate its evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices." The chipmaker is focusing on data centres and Internet of Things (IoT) as primary growth areas expected to offset the slowing PC market.

"Intel Corporation today announced a restructuring initiative to accelerate its evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices. Intel will intensify its focus in high-growth areas where it is positioned for long-term leadership, customer value and growth, while making the company more efficient and profitable," the company said in a statement.

Source: TechSpot.com