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Technology Stocks : Semi Equipment Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Gottfried who wrote (4068)	7/16/2002 4:40:10 PM
From: The Ox	Read Replies (2) \| Respond to of 95420

Intel to Cut 4,000 Jobs Chip-Making Giant Intel to Reduce Work Force by 4,000 SAN JOSE, Calif. (AP) -- Intel Corp., which had avoided mass layoffs during technology downturn, said Tuesday it is cutting 4,000 workers as the chip-making giant posted lower-than-expected second-quarter earnings. The world's largest semiconductor company did not immediately specify why it was making the job cuts, representing about 4.8 percent of its work force, though demand for chips in personal computers remains weak. Intel also has been focusing on its core semiconductor products such as the chips that serve as the brains of PCs, shedding unprofitable divisions that hosted Web sites and sold music players. Intel had 83,000 employees worldwide at the end of the first quarter, down from 86,000 at the end of 2000. Last year, the company said it was cutting 5,000 jobs mostly through attrition. The greatest job loss took place early last year, when Intel closed a factory in Puerto Rico and 1,300 people lost their jobs. Others were redeployed throughout the company. Unlike other high-tech firms over the past year, Intel escaped massive layoffs. Instead, the company slashed discretionary spending such as travel and delayed raises. Executives said past downturns had shown that companies could not cut and save their way through a recession and be prepared for an upturn at the other end. But In October, Barrett told employees that the company's headcount was 20,000 higher than it was in 1999 even though revenues remained roughly the same.