DHAKA: US tech giant Intel is shedding 12,000 jobs as it seeks to cut reliance on the declining personal computer market.

The maker of computer chips will take a $1.2bn charge to cover restructuring costs.

The job cuts, about 11% of Intel's workforce, will be made over the next 12 months, Intel said in a statement.

Intel said it wants to ‘accelerate evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices’.

The company also said on Tuesday chief financial officer Stacy Smith would move to a new role leading sales, manufacturing and operations.

Intel said it would begin a formal search process for a successor.

Shares in the company were down 2.5% in after-hours trading on Wall Street. Intel's stock price had already fallen 8.4% this year.

The world's largest computer chipmaker also lowered its revenue forecast for the year.

The California-based company has been focusing on its higher-margin data centre business as it looks to reduce its dependence on the slowing PC market.

BDST: 1333 HRS, APR 20, 2016
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