Intel profit slides on costs related to layoffs

Intel's profit dropped sharply last quarter due to heavy costs from a restructuring announced in April, though sales were up thanks to the company's powerful data center group.Intel's profit for the quarter, ended July 2, was $1.3 billion, down from $2.7 billion a year earlier, the company announced Wednesday. Revenue climbed 3 percent to $13.5 billion.Intel said in April that it would axe 12,000 jobs worldwide, or 11 percent of its staff, in a plan to cut costs and focus on growing businesses l