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

Friday, 17 Jan 2014 | 5:07 PM ET
The Intel logo is displayed outside of the Intel headquarters on January 16, 2014 in Santa Clara, California.
Getty Images
The Intel logo is displayed outside of the Intel headquarters on January 16, 2014 in Santa Clara, California.

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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