Intel has confirmed that it will be slashing 4,000 jobs after announcing bleak second-quarter revenues of $6.3bn, a drop of seven per cent year-over-year.
Net income for the quarter was $446m, compared with $196m, or three cents a share, in the same period last year.
The company said that the jobs would go as part of a belt tightening exercise. Cuts will be carried out mainly through attrition and voluntary resignation.
Intel has said that it expects third-quarter revenues to be the same or slightly higher than in the second quarter.
Capital spending for 2002 has been reduced to just over $5bn, slightly down from the anticipated $5.5bn. Intel pinned this on cuts not related to its fabrication business.
The company's stock closed yesterday at $18.36. The price has dropped 39 per cent over this year, faring slightly better than rival AMD which has seen a drop of 42 per cent.
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