Intel CEO: No restructuring news until July

Intel CEO: No restructuring news until July

Intel CEO says additional restructuring plans won't be announced until after its next earnings conference call in July.

Intel plans additional restructuring, but is unlikely to announce them until next month, Chief Executive Officer Paul Otellini said Thursday.

In April, Intel said it would restructure, including resizing the company, in response to weak earnings in recent quarters. Since then, Intel has closed a small office in Scotland, shut down an optical platforms division in the U.S. and combined two flash memory groups.

In recent weeks, rumors have suggested that Intel would lay off a vast number of workers. While Intel will make more announcements regarding restructuring plans, it likely won't do so until its July earnings conference call, Otellini said.

Rumors have also suggested that Intel is interested in selling its flash business. "Right now the plan on flash is to make it profitable," Otellini said. When asked what might happen after the division becomes profitable, he said, "I'll open a bottle of champagne."

In addition to missing earnings targets, Intel has been losing market share to competitor Advanced Micro Devices.

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