Intel (INTC) said Tuesday it plans to lay off 12,000 employees, about 11 percent of its workforce, by the middle of next year in a move to slash costs and edge away from the flagging PC business.
The chipmaker said the restructuring plan will drive growth by heightening its focus on cloud computing and Web-connected technology, also known as the "Internet of Things." Those areas accounted for 40 percent of Intel's revenue last year and most of its profit, while its PC market business shrank.
13:09 JCPenney shuttering up to 140 stores as sales weaken, more sluggish growth seen ahead18
19:38 Tesla plunges another 5 percent on fears of Model 3 delays12
16:12 Trump to propose 10 percent spike in defense spending, massive cuts to other agencies22
19:58 Oscars Primer: What You Need to Know Before Tonight's Ceremony22