Intel VP says no further job cuts
Phoenix Business Journal
There is reassuring news out this morning for Valley workers at Intel Corp.
The chipmaker's executive vice president, Paul Otellini, said in an interview published today that Intel should be able to survive the current semiconductor sales slump with no further job cuts.
"We feel comfortable with the measures we have introduced," he stated in an interview with the Financial Times Deutschland.
In March, the chipmaker announced plans to cut 5,000 jobs due to an economic slowdown, and last month the company reported a 64 percent year-on-year drop in first-quarter profits. Officials also warned that second-quarter sales would fall about 20 percent from last year.
Intel is expected to tomorrow issue a preliminary report on the second quarter, which ends on June 30.
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