Despite restructuring and job cuts, Intel beats quarterly earnings targets

Intel said today it will lay off 12,000 employees, but its first fiscal quarter results aren’t all that bad. The results are a bellwether for the PC industry, which is struggling in the age of mobile devices. But the layoffs may signal that there are more changes and strategy shifts ahead for Intel, the world’s largest chip maker.

The company reported earnings per share of 54 cents a share, compared to estimates of 53 cents. Revenue was $13.8 billion, compared to estimates of $13.6 billion.

“” said Brian Krzanich, Intel CEO, in a statement. “.”ng and 2-in-1s. What’s clear is that Intel will continue to invest in LTE and 5G radios.”