Intel to slash up to 12,000 jobs in restructuring move

US tech giant Intel announced plans to cut up to 12,000 jobs as it seeks to reorient its business to reduce dependence on the slumping personal computer market.

The restructuring will eliminate about 11% of the workforce by mid-2017 and aims to "accelerate evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices," the California group said in a statement. 

The announcement came soon after the chip-maker posted disappointing results, which dragged its share price down 3%. The company has also cut its revenue forecast.

Intel said that the restructuring will aim to move the firm "from a PC company to one that powers the cloud and billions of smart, connected, computing devices. Intel will intensify its focus in high-growth areas where it is positioned for long-term leadership, customer value and growth, while making the company more efficient and profitable," the company said in a statement.

The company's main focus areas and growth engines now are the data centre and the Internet of Things (IoT) businesses, the company said, adding that "these businesses delivered $2.2 billion in revenue growth last year, made up 40% of revenue and the majority of operating profit, which largely offset the decline in the PC market segment," it said.

The restructuring announcement was made through an email from Intel CEO Brian Krzanich to the company's employees.

(With inputs from agencies)