Intel plans to cut 5,000 jobs by the end of the year, to help deal with its flatlining revenue streams and profit margins.
CEO Brian Krzanich told employees that the company will be cutting its workforce by five percent, the company confirmed to V3. "During Intel's fourth quarter earnings call, Intel management said the company planned to bring employment down over the course of the year," read the statement.
"During the CEO's internal business update meeting, he told employees that he expects we will bring employment down by approximately five percent this year, while also making critical decisions to align resources to meet the needs of the business and its strategy."
Intel announced lower than expected revenue the week before, taking $52.7bn in 2013. The revenue marks a one percent drop on the $53.3bn Intel took in 2012. The slump in revenue meant Intel saw a 13 percent drop in net profit from $11bn in 2012, to $9.6bn over the last year.
The revenue and profit slump has largely been attributed to a decrease in Intel's core PC market. Intel's primary PC Client Group took $33bn in revenue for the year, marking a four percent decrease compared with 2012.
The spokeswoman reported that Intel expects revenue and profits to recover in the near future as the firm pushes into growing and new markets, such as wearable technology. "There will be a focus on shifting resources and focus from business areas not growing to those that are growing," said the statement.
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