Computer chip maker Intel Corporation has announced it will eliminate about 10 percent of its worldwide workforce by the middle of next year.
The company says most of the job cuts this year will come in the the management, marketing, and information technology departments. Cuts in manufacturing jobs will come in 2007.
Some 10,500 workers will be let go in all.
Intel is the world's largest chip maker, but it has been losing market share and profits. The job cuts are part of a major restructuring that the company hopes will save $1 billion this year, $2 billion the next year, and $3 billion in 2008.
Intel said the job cuts will come in the form of previously announced layoffs, attrition, and from selling off affiliate businesses.
Some information for this report provided by AP, Reuters and AFP.