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Details of Intels layoff

http://yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060905:MTFH31968_2...


SAN FRANCISCO, Sept 5 (Reuters) - Intel Corp. (INTC.O: Quote, Profile, Research) said on Tuesday it is cutting 10,500 jobs, or about 10 percent of its work force, as part of a plan by the world's biggest microchip maker to become more competitive.

The cuts, along with other cost-cutting measures stemming from a three-month top-to-bottom review of operations, would help the technology giant save $1 billion this year, $2 billion next year, and $3 billion in 2008, Intel said.


Analysts have said Intel needs drastic action to reverse sliding profits and halt steady market share gains by rival Advanced Micro Devices Inc. (AMD.N: Quote, Profile, Research).

"These actions, while difficult, are essential to Intel becoming a more agile and efficient company, not just for this year or the next, but for years to come," Chief Executive Paul Otellini said in a statement.

The cuts, which were at the low end of the 9,000 to 15,000 jobs analysts expected would be shed, included 1,000 managers Intel laid off in July and workers in two business units that it sold over the past few months.

The reduction was Intel's largest in 21 years, and the biggest for a Silicon Valley company since Sun Microsystems Inc. (SUNW.O: Quote, Profile, Research), a maker of server computers, said in May it would sack up to 5,000 workers.

Most of the reductions would hit management, marketing and information technology workers, Intel spokesman Chuck Mulloy said. Continued...