Intel Corp., the world’s biggest maker of semiconductors, said it will cut 12,000 jobs, or 11 percent of its workforce, retrenching as the personal-computer market heads toward a fifth year of decline.

The company said it’s shifting focus to higher-growth areas, such as chips for data center machines and connected devices. Intel also gave a second-quarter sales forecast that fell short of analysts’ estimates. Revenue will be about $13.5 billion, the company said Tuesday in a statement. That compares with an average analyst estimate of $14.2 billion, according to data compiled by Bloomberg.

Shipments of PCs, a market that provides Intel with almost 60 percent of its sales, fell to their lowest level in a decade in the first three months of 2016. Intel, which had staved off the worst of the impact of the extended slide in laptop demand by taking market share from an ailing rival and dominating in server chips, is now finding that isn’t enough. Chief Executive Officer Brian Krzanich is bringing in new executives and watching veteran Intel leaders leave as he tries to revitalize the company’s push into the mobile-chip market and jump-start PC demand.

“It’s a lot to absorb,” said Doug Freedman, an analyst at SternAgeeCRT in San Francisco. While the job cuts will encourage investors that Intel’s management is reacting to its changing circumstances, the company could probably do more to tighten cost controls, he said. “I like the fact that they’re on a short leash. It is really that big of a cut when you’re getting spending back to 2014 levels?”

Adding to recent reshuffles among Intel’s leadership, Chief Financial Officer Stacy Smith will move to a new role as head of manufacturing and sales.

Intel shares, which have lagged behind other chip stocks this year, fell less than 1 percent to $31.60 at the close of trading in New York.

The firm’s headcount is down from near record levels after an average of less than 1 percent revenue growth over the past four years.