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 ...
AMD is in much bigger trouble than Intel.
Intel is in trouble....
AMD is almost dead.
I wonder if those 12K jobs are gone for good, or when nobody’s looking they’ll repopulate with cheaper workers from India.
At any rate, just in time for these 12,000 and their adult loved ones to take a harder look who they want steering the ship come next January. I bet they opt for a guy who understands business.
Since you are talking about the greenies from Oregon, seriously doubt if news about Intel will even phase them.
I have found since I retired that I’m using my big computer less and less. Some days it doesn’t even get turned on. I use my iPad and iPhone for everything. A lot of people I know don’t even have a regular computer or laptop anymore.
There you go -- you have the plan.
I wouldn't be surprised if Intel is building
those India plants right now. Let's see, we got India,
Mexico, the Phillippines, Maybe some Central American countries. Yeah, Intel will do it. Laid off Intel workers -- expect to royally screwed by Republican/Democrat Uniparty "free trade" scheming.
If you are talking about the Hudson plant, I was there from the time of its opening by DEC until around 1988, well before Intel acquired it. It was probably only a matter of time until Intel closed it. It was getting long in the tooth.
welcome news.
I never liker Intel as a company.
Perhaps the laid-off workers can get jobs mowing lawns.
I’ll bet after laying these people off, Intel will still be demanding H1-B visas... And Ted Cruz will happily give those visas to Intel.
“Im using my big computer less and less.”
No doubt that’s been a big problem for Intel.
Yes, they’re lobbying for H1-B’s, claiming they can’t find workers, while firing thousands at the same time. Which is it Intel, do you need to hire or fire?
All that matters to Intel is price.
I got out of the semi-conductor business around 2006. MES systems started to get commoditized at that point and the company I worked for sold the software business to Applied Materials.
I jumped out in 1995. I went to an equipment manufacturer that supplied components, analytical instruments and subsystems to a number of sectors. About 60% was semi but enough others to provide some stability and some measure of sanity.
And write poetry, learn to play a musical instrument, and stuff.
losing that 40-hour work week will really free Americans to pursue your happiness follow your passion.
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