(Telecompaper) Intel has announced a major restructuring initiative with the reduction of 11 percent of its workforce. It also said it was moving its CFO to a new role and posted first-quarter revenues up 7 percent from the year before. Intel said the restructuring will accelerate its transformation from a PC company into one that powers the cloud and billions of smart, connected computing devices. To achieve this, the company will cut 12,000 positions worldwide by mid-2017.