Intel today announced a huge round of layoffs, with the tech giant set to slash 12,000 positions — 11 percent of its global workforce — by mid-2017.

Given the decline in the PC market, Intel is pushing forward with a “restructuring initiative” that has the company investing more in cloud computing and Internet of Things technology.

“Our results over the last year demonstrate a strategy that is working and a solid foundation for growth,” Krzanich wrote in an email to employees. “The opportunity now is to accelerate this momentum and build on our strengths. These actions drive long-term change to further establish Intel as the leader for the smart, connected world. I am confident that we’ll emerge as a more productive company with broader reach and sharper execution.”

It’s the same focus that Krzanich spoke about at Intel’s CES keynote in January, which showed off how technology is changing everything from sports to the workplace to the fashion industry.

“Technology is opening up the doors to more forms of expression and creativity than ever imagined,” said Krzanich, who took the reins of Intel in 2013. “Technology truly unleashes the creativity inside all of us.”

In Intel’s view, technology is entering a new era, one in which “consumers are choosing experiences over products,” Krzanich said in January.

Most of the cuts will happen over the next two months, Intel said. This is one of Intel’s largest layoffs in its 47-year history, The Oregonian noted. The company is Oregon’s largest employer with nearly 19,000 working in the state. It’s not clear how many of the cuts will affect employees at the company’s six Oregon offices just west of Portland.

Intel will take a $ 1.2 billion charge associated with the changes, but also noted today that the restructuring will save the company $ 750 million this year and $ 1.4 billion annually by mid-2017.

Shares of Intel were down more than 2 percent in after-hours trading today. However, the company did beat Wall Street’s expectations for its quarterly earnings and revenue — though it also downgraded its outlook for Q2.

GeekWire

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