AMD to cut 10 percent of global workforce – around 1,650 jobs!
Advanced Micro Devices (AMD) says it will cut 10 per cent of its global workforce in the face of sagging revenues. AMD said it will cut approximately 1,650 jobs beginning this month. The announcement came as AMD warned its first-quarter earnings report due for release April 17 will show sales below expectations. If you haven’t seen the update to the first quarter outlook be sure to take a look here.
AMD expects revenues for the quarter ending March 29 to drop approximately 15 per cent drop from previous quarter. “AMD had previously anticipated first-quarter revenues to decline in line with seasonality,” the company said in a release. Electronics industry sales are historically slow in the first three months of a year. AMD has long battled to wrest market share from leading chip maker Intel, also based in California, and hopes to regain ground with a recently released high-performance “Barcelona” chip.
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