Intel to slash 12,000 jobs

San Francisco-based chipmaker Intel plans to cut 12,000 jobs, or roughly 12 percent of its workforce.

The company reported lower-than-expected sales in the first quarter as it faced a decline in sales of personal computers. Intel is the world's leading maker of PC chips.

The layoffs follow an earlier reduction of 5,000 jobs announced by Intel in 2014. Analysts say it may not be the last.

Read more from The Associated Press.