Intel reported its Q1 2016 earnings on April 19th. While revenue came in at the lower half of the guided range, non-GAAP EPS beat Wall Street estimates. Just prior to the earnings release, the company announced its restructuring initiative (Read Press Release) to accelerate its evolution from a PC company to one that powers the cloud and billions of smart, connected computing devices. Intel expects the restructuring program to deliver $750 million in savings this year and annual run rate savings of $1.4 billion by mid-2017. A one time charge of approximately $1.2 billion will be recorded for the restructuring in Q2 2016.

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