Intel to lay off 1000 employees

By agencies   |   Friday, 14 July 2006, 19:30 IST
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SAN JOSE: Executing its plan of increasing efficiency reducing expenditure, Intel Corp is doing away with 1,000 management jobs. Amidst stiff competition and weaker market, the reduction is the latest action in a broad reshuffle announced earlier this year as Intel spokesman Chuck Mulloy declined to quote the amount that would be saved, or if they would result in a charge against earnings. Stating the presence of smaller rival Advanced Micro Devices Inc. as it encroaches on its highly lucrative core business of supplying the microprocessors that act as the brains of computers, ThinkEquity Analyst Eric Ross said, "They need to cut costs and they need to do it fast." Ross, who estimated Intel had about 100,000 employees following the sale of one of its business units last month, predicted executives will announce plans to pare another 9,000 employees in the next six months.