In April of 2016, microprocessor giant Intel (NASDAQ: INTC) announced that it would be undergoing a restructuring program designed to “accelerate [Intel’s] evolution from a [personal computer] company to one that powers the cloud and billions of smart, connected computing devices.”
The net effect of this restructuring was the elimination of “up to 12,000 positions globally” as well as “annual run rate savings of $1.4 billion by mid-2017.”