Intel to cut jobs
By Purchasing Staff -- Purchasing, 9/6/2006 7:39:00 AM
Intel says it will eliminate 10,500 jobs or about 10% of its workforce as part of a major restructuring. The company says it will eliminate the jobs through layoffs, attrition and sale of some of its poorly performing business groups.
About 5,000 of the jobs have already been cut. The company plans to cut about 2,500 more jobs by the end of the year. The remainder will be reduced in 2007. Most of the jobs eliminated this year will be in management, marketing and information technology. Next year’s job cuts will be in manufacturing and design. The cuts are expected to save the company $3 billion per year by 2008.Intel has had declining profits and has lost some market share in microprocessors to rival Advanced Micro Devices.Intel’s overall share of the semiconductor market fell from about 13.2% in the first quarter to 11.4% in second quarter, says researcher iSuppli. Its second quarter revenue was about $7 billion, down from $8.1 billion in the first quarter.Talkback
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