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Intel to lay off 25K

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Intel is cutting 25,000 jobs this year, company officials confirmed.

The layoffs impact around 15% of the company's core workforce.

"We are making hard but necessary decisions to streamline the organization, drive greater efficiency and increase accountability at every level of the company," CEO Lip-Bu Tan said. “All of this is designed to drive organizational effectiveness and transform our culture.”

Read more from the San Francisco Chronicle.

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