360° Coverage : Slumping Intel to cut more than 5,000 jobs in 2014

2 Updates

Slumping Intel to cut more than 5,000 jobs in 2014

Jan 17 2014, 5:52pm CST | by

Intel aims to boost earnings by dumping more than 5,000 jobs in 5 pct reduction of workforce SAN FRANCISCO (AP) — Intel plans to trim more than 5,000 jobs from its workforce this year...

Filed under: news

 
 
 

36 weeks ago

Slumping Intel to cut more than 5,000 jobs in 2014

Jan 17 2014, 5:52pm CST | by

Intel aims to boost earnings by dumping more than 5,000 jobs in 5 pct reduction of workforce

SAN FRANCISCO (AP) — Intel plans to trim more than 5,000 jobs from its workforce this year in an effort to boost its earnings amid waning demand for its personal computer chips.

The Santa Clara, Calif., company confirmed the job cuts Friday, the day after Intel Corp. reported its profit and revenue had fallen for the second consecutive year.

The purge represents about 5 percent of the roughly 108,000 jobs that Intel had on its payroll at the end of December. The company intends to jettison the jobs without laying off workers, said Intel spokesman Bill Calder. The reductions instead will be achieved through attrition, buyouts and early retirement offers.

The company didn't estimate how much money it hopes to save by eliminating jobs. But Intel needs pare its expenses if it hopes to end a two-year slump that has seen its earnings fall from $12.9 billion in 2011 to $9.6 billion in 2013. Intel is forecasting its revenue this year will be about the same as in 2013, making it unlikely its profits can rise without cost cuts.

This marks Intel's first significant job cuts since a company insider, Bryan Krzanich, succeeded Paul Otellini as CEO eight months ago.

"We are constantly evaluating and realigning our resources to meet the needs of our business," Calder said.

Intel's financial performance is faltering because the company didn't adapt quickly enough as the growing popularity of smartphones and tablet computers undercut sales of PCs running on its chips. Worldwide PC sales have dropped from the previous year in seven consecutive quarters, an unprecedented decline.

The trend is a problem for Intel because most mobile devices don't rely on its processors.

As Intel has struggled to come up with a successful strategy for mobile computing, the company has turned into a stock market laggard.

Since Intel's stock hit a five-year high of $29.27 in May 2012, the shares have fallen by 12 percent. Meanwhile, the Standard & Poor's 500 index has climbed by 31 percent.

Intel's stock dropped 69 cents Friday to close at $25.85.

Source: AP Business

 
Update
2

4 weeks ago

Khazanah throws MAS RM6b lifeline

Aug 29 2014 5:01pm CDT | Source: Business Times Singapore

August 30, 2014 1:15 AMKHAZANAH Nasional will inject RM6 billion (SS$2.4 billion) over three years to resuscitate loss-making Malaysia Airlines (MAS) under a recovery plan that includes even an Act of Parliament. Other key moves are migrating its operations, assets and liabilities to a new company (NewCo) and slashing the workforce of 20,000 by 30 p ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 
Update
1

4 weeks ago

MAS posts loss of RM307m for Q2

Aug 28 2014 5:00pm CDT | Source: Business Times Singapore

August 29, 2014 1:13 AMMALAYSIA Airlines (MAS) registered a loss of RM307 million (S$122 million) for the second quarter to end-June, but warned of worse to come in the second half when the "full financial impact of the double tragedies of MH370 an ...
Source: Business Times Singapore   Full article at: Business Times Singapore
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/31" rel="author">Associated Press</a>
The Associated Press (AP) is one of the largest and most trusted sources of independent newsgathering, supplying a steady stream of news to its members, international subscribers and commercial customers.

 

blog comments powered by Disqus

Latest stories

New material promises 'perfect' solar absorption
New York, Oct 1 (IANS) Researchers at the Massachusetts Institute of Technology (MIT) have developed a material that comes very close to being "ideal" for solar absorption.
 
 
Acupuncture may not improve chronic knee pain
Sydney, Oct 1 (IANS) Among patients older than 50 years with moderate to severe chronic knee pain, acupuncture does not improve discomfort any more than "sham" acupuncture, says a new study.
 
 
OPEC daily basket price closes lower
Vienna, Oct 1 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $94.17 a barrel Tuesday, compared to $94.54 Monday, the OPEC Secretariat said.
 
 
New test for early cancer detection
London, Oct 1 (IANS) Early detection of cancer could now be as easy as a simple blood test.
 
 
 

Latest from the Network

Anne Hathaway messed up by fame
Anne Hathaway was ''f***ed up'' by fame. The 'Les Miserables' actress was left ''stressed out'' by her Hollywood success as she had no idea how to cope with life in the public eye. She told the new issue of Britain's...
Read more on Celebrity Balla
 
Amal Alamuddin: Our wedding was romantic and elegant
Amal Alamuddin says her wedding to George Clooney was ''romantic and elegant''. The 36-year-old lawyer tied the knot to the Hollywood hunk in Venice, Italy, on Saturday (27.09.14) and she has heaped praise on her...
Read more on Celebrity Balla
 
Demi Moore offers baby help to Ashton Kutcher?
Los Angeles, Oct 1 (IANS) Actress Demi Moore reportedly wants to help her ex-husband and actor Ashton Kutcher who is getting ready to welcome his first child with fiancé and actor Mila Kunis. Moore and Kutcher ended...
Read more on Celebrity Balla
 
Britain strikes IS positions in Iraq again
London, Oct 1 (IANS/EFE) British Royal Air Force (RAF) planes Wednesday launched airstrikes for the second time against Islamic State (IS) positions in Iraq, the British defence ministry announced. A British defence...
Read more on Politics Balla
 
Joseph 4th in drama-filled men's 800m final
Incheon, Oct 1 (IANS) India's Sajeesh Joseph finished fourth after three athletes were disqualified in a drama-filled men's 800 metres final at the 17th Asian Games here Wednesday. The 27-year old Indian, running in...
Read more on Sport Balla
 
Kanye West incensed at Kardashian's naked photo leak
Los Angeles, Oct 1 (IANS) Rapper Kanye West, who is married to reality TV star Kim Kardashian, was reportedly furious when he found out about naked pictures of his wife after they went online. Nude pictures of several...
Read more on Celebrity Balla
 
Tintu runs out of steam, settles for silver
Incheon, Oct 1 (IANS) It was once again a case of so near and yet so far for India's Tintu Luka who, despite leading in most of the women's 800 metres final race, was overtaken by Kazakhstan's Margarita Mukasheva in...
Read more on Sport Balla
 
Turkey seeks parliament's approval to send troops to Iraq
Ankara, Oct 1 (IANS/EFE) The Turkish government has submitted a request to parliament seeking authorisation to send troops to Syria and Iraq to combat Islamic State (IS) militants, officials here Wednesday said. The...
Read more on Politics Balla
 
No bad blood: Hemsworth on break-up with Cyrus
Los Angeles, Oct 1 (IANS) Despite his messy break-up with singer Miley Cyrus, actor Liam Hemsworth says he has no hard feelings for his ex-fiancee. The 24-year-old preferred to stay mum on his relationship with Cyrus...
Read more on Celebrity Balla
 
Asiad taekwondo: Indians knocked out
Incheon, Oct 1 (IANS) India's Nakul Malhotra (+87 kg) and Anand Pandia Rajan (-80 kg) were knocked out of men's quarter-final and Round of 16 matches, respectively, in men's taekwondo competition at the Asian Games...
Read more on Sport Balla