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Intel / To cut 5% or 5 000 jobs

Intel Corp. INTC -2.60% , on the heels of reporting a lower-than-expected fourth-quarter profit, on Friday said it expects to reduce its workforce by about 5% this year.

The big chip maker ended 2013 with 107,600 employees, indicating that the cuts could affect close to 5,400 workers.

Intel on Thursday projected flat revenue for 2014, while analysts had been looking for revenue growth of about 1.2%.

While the company’s business selling chips for PCs showed signs of stabilizing, Intel\’s business selling server chips grew less than expected.

Intel\’s head count had swelled steadily in the years following a restructuring ordered in 2006 by then-Chief Executive Paul Otellini. He gave up that position in May to Brian Krzanich, who has shifted the company’s priorities in several areas.

Chosen excerpts by Job Market Monitor. Read the whole story at 

WSJ

via Intel to Pare Workforce as Sales Growth Struggles – WSJ.com.

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