Intel said it is cutting 11 percent of its workforce, or 12,000 jobs, as it revamps to focus on areas such as data center and the Internet of things. The chip giant said that the restructuring will be completed in mid-2017 and result in a $1.2 billion charge in the second quarter. Intel expects to save $750 million this year and $1.4 billion a year by mid-2017. With the move, it's clear Intel is trying to become less dependent on PCs and focus more on enterprise infrastructure. Intel ended the first quarter with 112,000 employees.