First, they need 10B savings in 3 years, and it has been 1 year only.
Second, tower deal gone
Third, hedge funds dumping the stock badly ( see how stock dropped )
Fourth, losing deals to competition.
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Yes there will be 20,000 more layoffs. It is simple math.
Unless you think somehow PC demand comes rushing back and Intel somehow manages to get the gross margins back up to 50%...
You can build a Pro Forma P&L and when you plug in your best estimates you may get sick to your stomach... I know that's what happened to me when built my models.