US tech giant Intel has announced it will cut 12,000 jobs around the world as it shifts focus away from personal computing.
The move represents more than 10% of the company's entire workforce, and will take place over the next 12 months, costing Intel around $1.2 billion in restructuring costs.
Having already fallen nearly 8.5% so far this year, Intel's share price took another tumble following the announcement - by 2.5% this time.
The tech firm said it wanted to "accelerate evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices".
Intel did not specify where the job cuts would come, but with the majority of its factories and offices based in the US, it is likely that more will come there.
It also announced that chief financial officer Stacy Smith will move to a new role, heading up Intel's sales, manufacturing and operations.