Intel is the latest legacy tech company to announce a restructuring plan that includes laying off a significant number of employees.
The company announced Tuesday it will cut 12,000 jobs, roughly 11 percent of its workforce, by 2017. Shares of Intel were up more than 1.25 percent Wednesday.
Intel CEO Brian Krzanich told "Squawk on the Street" on Wednesday that while the decision was difficult, the company came up with the 12,000 number by making choices about how it planned to focus on profitability and growth.
"It was really a mixture of what actions do we want to do to drive the company to be more efficient, balanced against where do we want to spend money and how do we want to accelerate the change and the growth areas," he said.