Intel Corp, the maker of computer chips, has announced that it will be cutting workforce by 5% after having reported declining profits for two consecutive years. The company has been providing chips for personal computers but with a decline in this market, the company has severed some losses.
At the same time, Intel has been slow to shift to the newer markets for tablets and phones, which already has some leading players now. The company is therefore going to cut about 5000 jobs this year to boost earning.
The company has also announced that they will be focussing on the tablet market and hope to gain a bigger pie of that market this year.