Intel to lay off 12,000 people!

Holy BALLS!

As it navigates its path into the future, Intel, the 47-year-old corporation best known for making microprocessor chips that power personal computers, has announced significant changes to its business.

On Tuesday, Intel’s CEO Brian Krzanich said in a letter to employees that the company over the next year will cut its 107,300-person global workforce by 12,000 people, or 11 percent.

The move, said Mr. Krzanich, is meant to help transform Intel from a PC company to one that powers the cloud and the ‘Internet of Things,’ a term used to describe connected devices such as washing machines, coffeemakers, and automobiles. It also will save the chipmaker $750 million this year, says Intel in a public announcement.

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