Intel’s Chief Executive Officer Paul Otellini will fire at least 10,000 more workers as part of a plan to slash USD 1 billion in costs this year, analysts including Mark Edelstone at Morgan Stanley predict. Otellini will announce the cuts September 5 when he discloses the results of a 90-day internal review began in April. The review's conclusions will be made public before the end of the third quarter.
Chuck Mulloy, an Intel spokesman, would not comment on what he characterised as speculation. "We have committed to reporting on the restructuring before the end of the third quarter," Mulloy said. "We are on track to do that", he continued
The cuts would be the latest in a string of actions taken by Intel Chief Executive Paul Otellini to try to restart growth at the company, which posted a 56 percent drop in net profit for its second quarter.
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