It doesn't say that they are firing 12,000 people. Certainly some people will be laid off, but a reduction in head count of 12,000 is distinct from layoff count

It doesn't say that they are firing 12,000 people. Certainly some people will be laid off, but a reduction in head count of 12,000 is distinct from layoff count. Assuming people stay in a job 4 years, you can get a 25% reduction in headcount per year by just not hiring. Intel has over 100,000 employees. They are likely hiring 10k-25k people per year just to stay at a constant size.