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Intel to cut more than 5,000 jobs in 2014

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Intel (STOCK)
Intel (STOCK)

The market for PCs may be stabilizing, but that hasn't stopped Intel from cutting a few thousand jobs. Earlier this week the chipmaker revealed its earnings for 2013, which included "signs of stabilization" for the traditional PC market. However, despite this the company is being forced to reduce its workforce by five percent this year, which amounts to more than 5,000 jobs. The cuts are expected to include retirements and other voluntary options. "This is part of aligning our human resources to meet business needs," spokesman Chris Kraeuter told Reuters.

The announcement comes after an earnings report that seemed like good news for the company, including a two percent quarterly increase in PC revenue and what was described as "strong" growth in the tablet sector. Of course, Intel isn't the only company hit by the declining market for traditional PCs. Last month HP announced that it would be eliminating 5,000 jobs in 2014, bringing its multi-year restructuring plan up to a total of 34,000 layoffs.