Intel to cut 5% of workforce this year

MarketWatch.com - MarketPulse SAN FRANCISCO (MarketWatch) -- Intel Corp. will cut more than 5% of its workforce this year as the semiconductor leader deals with trying to expand into new markets and a slowdown in the PC industry. Intel ended 2013 with 107,600 employees, meaning the job cuts would cover about 5,400 employees. An Intel spokesman confirmed that the job reductions would be ongoing throughout the year. The job cuts come one day after Intel gave a mixed quarterly forecast and Chief Executive Stacy Smith said job reductions were on the way. Intel shares fell 2.6% to close Friday at $25.85.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.