Intel to Cut 12,000 Jobs, Forecast Misses Amid PC Blight

Bloomberg:

Intel Corp. will eliminate 12,000 jobs, or 11 percent of its workforce, embarking on the deepest cutbacks in a decade to gird for a fifth year of declines in the personal-computer market.

The world’s biggest maker of semiconductors said it’s shifting focus to higher-growth areas, such as chips for data center machines and Internet-connected devices. Intel also posted disappointing first-quarter revenue and gave a second-quarter sales forecast that fell short of analysts’ estimates.

It seems the ‘missed opportunity’ with mobile devices was a big one.