On Friday Intel announced that it would be cutting over 5,000 jobs from their workforce.

It isn’t the worst loss that a company can get hit with, and presently Intel has 107,000 employees, but its still a blow nonetheless. It’s thanks in part to a decline brought on by the popularity of smartphones and also, as Intel has recently reported, the company had missed slightly missed the targets for earnings in this past quarter.

“Intel will be aligning resources to meet the needs of the business this year. This will include targeted workforce reduction in addition to realignment of resources,” Intel said via statement to CNET.

The statement goes on to say that “while we expect that employment will come down by approximately 5 percent this year, we are not announcing a layoff. When we talk about reduction of the workforce there are a number of things that can happen. It could include redeployments, voluntary programs, retirements, and through attrition.”

According to Intel’s CEO, Brian Krzanich, the decline in sales has a lot to do with a weakening corporate market. “Enterprise…fell short of our expectations for the fourth quarter and the year as we overestimated the rate of recovery among corporate buyers,” he said.

[via Cnet, VentureBeat]