AMD To Cut 15 Percent Of Workforce, Says Layoffs Will Be The Largest Cost Savings

Posted on Oct 19 2012 - 4:42am by Editorial Staff

Following the disappointed AMD Q3 2012 earnings with revenues $1.27 billion, loss was $157 million and loss per share $0.21, the company said it will cut about 15 percent of its total workforce (earlier it was expected to be 30 percent). AMD for the fourth quarter projected revenues to fall 9 percent from the third quarter, although as CEO Rory Read said the company has been hit by the PC’s industry’s period of “very significant change.” Layoffs will be the largest cost savings for the company. The layoffs will take place in the fourth quarter and will take an $80 million restructuring charges, resulting in having break even operating income at $1.3 billion in quarterly sales.

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Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.