Tech giant Intel will cut 12,000 people from its staff, or about 11% of its workforce, the company announced Tuesday.
As of the end of last year, Intel employed about 107,300 staff members.
Intel said most of the employees affected by the layoffs will be notified in the next 60 days.
Intel (Tech30) is and has been the largest computer chipmaker in the world. The company bet heavily on the stability of the PC business years ago, and its microprocessors have dominated the PC industry. ,
But the company has failed to replicate that success across mobile devices that have now replaced traditional desktops and laptops.
Nearly 60% of Intel’s sales and profits came from its microprocessor and chip business, which means that any changes to the PC business have a big impact on Intel’s bottom line.