Post PC plan costs $1.2B, 12,000 jobs
Rick Merritt, EETimes
4/20/2016 03:00 AM EDT
SANTA CLARA, Calif.—The world’s largest semiconductor company will both focus and diversify in an effort to reinvent itself. It’s an expensive proposition in a down year as Intel Corp. predicted a steeper decline than previously thought for the PC market that once defined it.
Analysts lauded Intel’s dominance in cloud computing which remains its strong foot. But they expressed skepticism its bets in memory and the Internet of Things will pay off as smartly as the company hopes.
“Forty percent of our revenues and 60% of our margins come from outside the PC – now it’s time to push the company over all the way to that strategic direction,” said chief executive Brian Krzanich in a conference call laying out plans to cut 12,000 employees at a cost of $1.2 billion.
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