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Intel to cut workforce by 5 percent, a reduction of more than 5,000 jobs

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Intel announced that it's cutting more than 5,000 jobs as the company looks to recover from decreasing personal-computer sales.

The announcement came a day after the company missed analysts' expectations and posted weaker than expected fourth quarter earnings. The company also gave a tepid forecast for its first quarter.

Shares of Intel plunged 2.6 percent on Friday.

Re/code has the full story here

By Ina Fried, recode.net.

CNBC's parent NBC Universal is an investor in re/code's parent Revere Digital, and the companies have a content-sharing arrangement.

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