Intel Layoff : Intel to layoff 5000 employees

Leading chip maker Intel plans to layoff a huge 5000 of its workforce. Intel has seen a 90% drop in profit and a 23% drop in sales as per its latest quarterly results. 5000 people amounts to about 10% of its workforce.

Intel will save about $1 billion after the above planned layoff. The last time intel had engaged in a massive layoff was in 2006 when it laid off about 10,500 of its workforce after losing ground to competition from AMD.