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Holy bloodbath..

From CNBC:

> Shares of Intel were halted after the bell Tuesday as Intel announced it would cut 12,000 jobs, or 11 percent of its workforce

> The technology company also said the CFO would step down

From CNBC: "The technology company also said the chief financial officer Stacy Smith would leave that role to lead sales."

Hmmm...CFO heading up sales is not something you see every day...

Anyone have any further context around this?

Lateral moves, even downward ones, are part of the corporate culture at Intel. At most large companies this type of job switching at the C-level would come as a surprise, but if you read some of the stuff Andy Grove and others have written about Intel's "matrix" practices, it's not too shocking.

Basically, they believe that experience across multiple areas of the business is a good thing, and that no one should become too attached to a particular position or title.

Listening to the earnings call now.. Stacy wants to learn more about the other parts of the business and BK wants to show off his leadership skills to other parts of the company

That is odd, because they also reported an 18% increase in profits.

quote from zerohedge:

  Instead of using the same tax rate as a year ago, when it had an effective 
  tax rate of 25.5%, this quarter the tax rate was down 7.1% to just 18.4%. 
  Had INTC used the historical tax rate, it would have, surprise, missed.
  Worse, INTC just cut its outlook, predicting revenue of $13.5 billion, 
  plus or minus $500 million, for the Q2, about $700MM below consensus estimates.

more details on that kind of stuff here: http://www.investopedia.com/articles/analyst/091901.asp

So Intel is dodging taxes as well now?

more complex than that, if they foresee lower earnings, different types of expenditures, etc, etc, you'd need a professional accounting firm to calculate that for you

When you lose money you generally pay less tax. Nothing illegitimate about that.

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