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Intel to lay off 11 percent of its employees

Intel announces massive layoff
Intel HQ, Robert Noyce building
Unfortunately, this is not a rumor - the chip maker confirmed its plans to cut 12,000 jobs "by mid-2017."

Although Intel chips power an incredible amount of devices from all categories of products, including tablets, smartphones, desktop computers, IoT devices, and more, the future is not as bright as it might seem at first sight. Yesterday, Intel revealed in an official press release "a restructuring initiative to accelerate its evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices."

Although the initiative mentioned above does not sound like a necessity to size down the tech giant is implied, the press release highlights that 12,000 jobs will be cut "by mid-2017 through site consolidations worldwide, a combination of voluntary and involuntary departures, and a re-evaluation of programs." Details regarding these layoffs will be revealed to affected employees in the following two months, although some might get the bad news next year as well.

Thanks to these measures, Intel plans to save $750 million this year, as well as to achieve a $1.4 billion annual run rate by mid-2017. For more details, please check the press release below.

+ Show Press Release
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Codrut Nistor, 2016-04-20 (Update: 2016-04-20)