Chip manufacturer
Intel plans to cut 12,000 jobs
After the close of trading on April 19, 2016, the world's largest US chip manufacturer Intel announced plans to cut 12,000 jobs worldwide by mid-2017. This corresponds to around 11% of the workforce. The weak PC business is causing it problems.
Intel's business with processors for PCs is suffering from the continuing trend towards mobile devices and data storage no longer on the PC but on the Internet. With the savings program now announced, Intel plans to reduce its annual costs by 1.4 billion US dollars (equivalent to around 1.2 billion euros). The company wants to establish cloud services as a new hobbyhorse, i.e. online storage for flexible access to data from different locations and devices. Intel also has its sights set on the 'Internet of Things' - the online networking of devices or machines. Apparently, far fewer employees are needed for these business areas. The employees affected by the job cuts are to be informed of their dismissal within the next 60 days.
Below market expectations despite growth
Intel recorded a slight increase in profit of 3% to 2 billion dollars (equivalent to around 1.8 billion euros) in the first quarter of 2016. Sales grew by 7% to 13.7 billion dollars (12 billion euros). However, revenue was below market expectations. In terms of global PC sales, 2015 was one of the worst years worldwide. In the first quarter of 2016, sales shrank by a further 10%, according to market research company Gartner.
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