Intel, a chip-making firm has been speculated to be facing demise. Owing to the company laying off 12,000 workers has led to much scrutiny and issues.

According to a post from CS Monitor, "As it navigates its path into the future, Intel, the 47-year-old corporation best known for making microprocessor chips that power personal computers, has announced significant changes to its business."

On Tuesday, Intel's CEO Brian Krzanich said in a letter to employees that the company over the next year would cut its 107,300-person global workforce by 12,000 people, or 11 percent and the said Mr. Krzanich, is meant to help transform Intel from a PC company to one that powers the cloud and the 'Internet of Things,' a term used to describe connected devices such as washing machines, coffeemakers, and automobiles, as noted by the same post.

Furthermore the chipmaker has affirmed on saving $750 million this year. Moreover, "These are not changes I take lightly. We are saying goodbye to colleagues who have played an important role in Intel's success," Krzanich added.

However, despite the aims of Intel, the company has been scrutinized for their corporate move. To prove the latter, the sudden, massive layoff looks as if management had been in denial or had failed to take the unpleasant steps it knew it needed to take," said economist and former Fortune 500 executive Bill Conerly.

Inevitable as it may seem, companies have been facing much economic burdens. Not only Intel is facing the same crisis but also even other companies such as the Fiat Chrysler have limited their workforce by shutting down one of its plants, reports Jobs & Hire.

Although speculations of Intel facing demise have risen, and the forthcoming laying off of 12,000 people have been affirmed, it remains uncertain on how the company would deal with the present crisis.