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.
19:34 CEO shift at Coca-Cola could usher in more dealmaking to refresh soda giant's growth11
14:34 Coca-Cola Elevating Operating Chief to CEO, Succeeding Kent13
12:47 Dutch company to buy 3M's identity management business13
03:17 Nintendo legend Miyamoto: Mario needs to evolve to survive17