Intel Cuts 11% of Its Workforce

Intel Corp. has announced that it plans to cut 12,000 jobs, which amounts to 11 percent of its workforce. The company alleges that the cuts stem from a shift in focus from chips to data-center machines and connected devices, something they predict will bring higher growth for the company. Its reported revenue for the second fiscal quarter is also lower than projections. Revenue will end up being reportedly around $13.5 billion which is less than the projected $14.2 billion.