Intel cuts its workforce by 11% as it releases Q1 financial results
by from Techreport on (#1B37Q)
Intel announced its first-quarter 2016 financial results today. The company made $2.6 billion in operating income on $13.7 billion in revenue. Profits were unchanged compared to this time last year, but the company grew its revenue by 7% compared to the year-ago quarter. Net income remained flat at $2 billion, and gross margin fell 1.2 points to 59.3%. Here's a table of the company's results for easy reference:
The company said that it'll be eliminating as many as 12,000 positions worldwide-or 11% of its workforce-by mid-2017 as it transitions from "a PC company to one that powers the cloud and billions of smart, connected computing devices," according to a separate press release . Intel says its growth is coming primarily from ...