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Intel confirms job cuts amid plan to shift resources

US-TECHNOLOGY-INTEL
Posted at 11:03 AM, Jan 27, 2020
and last updated 2020-01-27 13:03:35-05

Shares of chipmaker Intel Corp. jumped Friday after the company reported record financial results for the fourth quarter and full year.

The company offered a timeline for its next generation chips — both 10- and 7-nanometer — and confirmed a refocusing of investment resources on projects that management say have more opportunities for success.

At the same time, Intel, which is one of the Valley's largest employers, it also confirmed recent reports of impending layoffs.

Intel reported full-year profit of $21 billion, or $4.71 per share.

Read more from the Phoenix Business Journal.