After the market close, as rumored, chip-maker Intel announced the elimination of 10,500 jobs, which represents about 10% of its workforce. The cuts are expected to save Intel up to $3 billion per year by 2008. The severance package costs for the dismissed workers is estimated at $200 million. Intel has experienced declining profits and a loss in market share that many attribute to Intel's delayed and ineffective response to rival AMD's 2003 introduction of the innovative Opteron and Athlon 64 chips.
Reuters
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