Posted on 04/19/2016 2:19:45 PM PDT by bobsunshine
Intel plans to cut 12,000 jobs, or 11% of its workforce. It will take a $1.2 billion charge as a result. Trading was halted around the release, then the stock immediately dropped when trading resumed. It's down about 3%. But Intel beat on earnings and revenue. Here are the reported numbers for Q1 2016: • EPS (non-GAAP): $0.54 vs. $0.49 expected. That's up 2% from last year. • Revenue: $13.80 billion vs. $13.84 billion expected.
But that number includes $99 million from a deferred revenue write-down — without that, revenue would've come in at $13.70 billion. That's still a 7% increase over last year. Intel gave weaker than expected revenue guidance for Q2 — it expects around $13.5 billion. Yahoo Finance pegged previous consensus estimates at $14.16 billion.
It also announced that its CFO, Stacy Smith, will step down. A successor has not been named. Smith will move to a new role leading sales and operations. Revenue was up slightly in the company's largest segment, Client (PCs), coming in at about $7.5 billion. Revenue in the Data Center segment — chips for servers used in data centers — was up about 4% to $4.0 billion. Last year, reports came out that Intel planned to cut up to 3% of its workforce, but these layoffs are considerably steeper.
(Excerpt) Read more at finance.yahoo.com ...
I got out of all NASDAQ positions this morning.
WOW.
This is bigger than I expected.
Tick tick tick...
[Intel plans to cut 12,000 jobs, or 11% of its workforce.]
Summer of Recovery 487485257 is coming soon!!
Liberals will rejoice.
Not good.
Whoa! No kidding.
Obama is still blaming Bush.
I’ve had no desire to purchase a new PC since windows 8 came out. Windows 10 is no where near as bad as windows 8, and I’m sure some people will respond telling me how good windows 10 is. Regardless I don’t plan on spending my money to replace my PC’s with something I like less.
Geez. That’s really serious.
Green shoots...
I bet all those people in Oregon are happy they canceled tha natural gas pipeline and LNG export port.
11% - 1-in-9.
They closed an entire plant in MA recently.
Last I heard, unemployment was good for stimulating the economy, see Nancy Pelosi, So this is a good thing right? I mean at least they will be able to spend more time with their families now. ANd that is supposed to be real good also, see Barack Obama.
Not sure what this has to do with Windows since Intel makes chipsets for all of Apple’s desktop, and laptops as well.
Not to mention that AMD makes processors for PC’S too.
“Not sure what this has to do with Windows since Intel makes chipsets for all of Apple’s desktop, and laptops as well.”
But how many of each. Windows is still probably 90% of the PC market. Even at that, some portion of Apples growing market share might be attributed to a distaste for newer windows versions by some segment of their customer base.
Well, I’m sure those laid off Intel workers can’t wait to start at their new $15/hr min wage jobs. Intel sucked to work for anyway. Dems really take care of people!
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