Analysts Expect Intel to Cut Thousands of Jobs
From Bloomberg News
Intel Corp. Chief Executive Paul Otellini may cut at least 10,000 jobs next week, or about 10% of the chip maker’s workforce, analysts said.
Otellini will discuss the results of a 90-day internal review with employees Tuesday, said Patrick Ward, a spokesman for Santa Clara, Calif.-based Intel. In an interview, Ward called reports on job cuts speculation. Mark Edelstone at Morgan Stanley is among analysts who predict at least 10,000 reductions.
Intel, the world’s biggest semiconductor maker, is wrapping up its most sweeping overhaul since the 1980s as Otellini battles market share losses and falling sales.
Shares of Intel rose 31 cents to $19.88, their highest close since May 9.
