Intel has announced its Q1 2016, with the vendor earning a total revenue of $13.7 billion with an operating income of $2.6 billion and a net income of $2.0 billion. That’s not the major news coming out of the chip vendor this morning, as alongside the earnings call Intel said that it will cut 12,000 jobs in a major restructuring effort.
Intel CEO Brian Krzanich had this to say:
Our first-quarter results tell the story of Intel’s ongoing strategic transformation, which is progressing well and will accelerate in 2016. We are evolving from a PC company to one that powers the cloud and billions of smart, connected computing devices.
Intel is also on the lookout for a new CFO, with current head Stacy Smith moving on to leading sales, manufacturing and operations. As for the full-year outlook, Intel says that the restructuring bid will cost $1.2 billion.
Here’s the takeaway from key business units for Q1 2016:
- Client Computing Group revenue of $7.5 billion, down 14 percent sequentially and up 2 percent year-over-year
- Data Center Group revenue of $4.0 billion, down 7 percent sequentially and up 9 percent year-over-year
- Internet of Things Group revenue of $651 million, up 4 percent sequentially and up 22 percent year-over-year
- Non-Volatile Memory Solutions Group revenue of $557 million, down 15 percent sequentially and down 6 percent year-over-year
- Intel Security Group revenue of $537 million, up 5 percent sequentially and up 12 percent year-over-year
- Programmable Solutions Group revenue of $359 million, which does not include $99 million of revenue as a result of acquisition-related adjustments.