Intel to Cut 4,000 Jobs, Misses Estimates

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Last updated at: (Beijing Time) Wednesday, July 17, 2002

Intel to Cut 4,000 Jobs, Misses Estimates

Intel said Tuesday that it is cutting 4,000 workers as the chip-making giant posted lower-than-expected second-quarter earnings.

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Intel said Tuesday that it is cutting 4,000 workers as the chip-making giant posted lower-than-expected second-quarter earnings.

The world's largest semiconductor company did not immediately specify why it was making the job cuts, representing about 4.8% of its work force, though demand for chips in personal computers remains weak.

Intel has been focusing on its core semiconductor products such as the chips that serve as the brains of PCs, shedding unprofitable divisions that hosted Web sites and sold music players.

Intel had 83,000 employees worldwide at the end of the first quarter, down from 86,000 at the end of 2000. Last year, the company said it was cutting 5,000 jobs mostly through attrition.

The greatest job loss took place early last year, when Intel closed a factory in Puerto Rico and 1,300 people lost their jobs. Others were redeployed throughout the company.

Unlike other high-tech firms over the past year, Intel escaped massive layoffs. Instead, the company slashed discretionary spending such as travel and delayed raises.

Source: Agencies

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