Intel’s job cuts were deeper than expected in 2002

Intel Corp. cut 700 more jobs than it originally planned for 2002, according to the company’s annual report, with layoffs in 2002 totalling 4,700.

A spokesman for the leading semiconductor maker said the layoffs were across the board, primarily due to attrition and voluntary separation.

The Santa Clara, Calif., company originally announced in July of last year that it planned to layoff 4,000, or 4.8 percent of its workforce, due to slowed sales and the weakened economy.

With the additional 700 job cuts, Intel actually reduced its workforce by 5.6 percent in 2002, ending the year with 78,700 employees, according to the filing.

Looking ahead, the company said in its annual report that its performance for 2003 would depend on the pace of recovery in the industry and in the economy.