Intel announced Tuesday it would cut 12,000 jobs, or 11 percent of its workforce, by 2017 as the company restructures toward more high-profit areas like cloud.
Shares of the tech firm fell nearly 3 percent after the bell Tuesday, despite reporting better-than-expected earnings.
The company reported first-quarter earnings 54 cents a share excluding items, on $13.8 billion in adjusted sales. Analysts had expected Intel to report earnings of about 48 cents a share on $13.83 billion in revenue, according to a consensus estimate from Thomson Reuters.
GAAP revenues were $13.7 billion.