Intel recently reported that it spent more than $10 billion over the last three years in order to establish itself in the smartphone industry. Now, the chipmaker threw the towel and formally announced that it is quitting its visions in the mobile platform.

Intel said that it is ditching several of its planned microprocessors, including those that are supposed to be part of its smartphone division. The company added that it is also axing all of its current smartphone processor plans including Broxton.

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Despite being the world's most prolific processor manufacturer, Intel is considered by many tech analysts to be a minor player in the mobile platform which is currently dominated by tech giants like Samsung, Qualcomm and Apple.

The decision to finally quit its mobile dreams came is just weeks after the company declared a lackluster quarterly earnings. According to The Verge, Intel was also forced to cut 12,000 jobs as part of its major restructuring strategy. While the company remains to be a revered global tech giant, many market analysts are convinced that it is no longer as healthy and dominant as it used to be.

Following the explosion of the smartphone industry, Intel decided to try its hands in the mobile computing platform. Being the biggest provider of desktop processors, many were convinced that Intel will have a smooth transition to the mobile computing platform. Unfortunately, it did go as planned.

Jackdaw Research analysts Jan Dawn told Recode, "Their main focus now appears to be on maintaining whatever they can in the legacy PC business and then trying to grow through data centers and Internet of Things applications. Data center have been really good for them over the last few years, but IoT is still really small."

For some tech analysts, Intel is still poised to face some major setbacks especially now that the PC market continues to struggle. Despite this, analysts are still positive that Intel can recover since the company has invested a fortune in order to make sure that Android will work well on its processors. Some top Intel executives even boast that the company had the largest Android software team aside from Google.