Slumping Intel to cut more than 5K jobs in '14

SANTA CLARA, Calif. (AP) — Intel plans to trim more than 5,000 jobs from its workforce this year in an effort to boost its earnings amid waning demand for its personal computer chips.

The Santa Clara, Calif., company confirmed the job cuts Friday, the day after Intel reported its profit and revenue had fallen for the second consecutive year.

The purge represents about 5% of the nearly 108,000 jobs that Intel had on its payroll at the end of December. An Intel spokesman says the company intends to jettison the jobs without laying off workers.

Intel's financial performance has been slumping because the company didn't adapt quickly enough as the growing popularity of smartphones and tablet computers undercut sales of PCs running on its chips. Most mobile devices don't run on Intel's processors.