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AMD Loses $157 Million, Cutting 15 Percent of Workforce

A third quarter revenue of $1.27 billion may sound like a lot, but for AMD, it’s a 10 percent decrease from last quarter and a whopping 25 percent decrease from third quarter 2011. All in all, AMD is recording a $157 million loss for Q3 2012 and with that, AMD will be laying off 15 percent of their workforce, which is roughly 1,700 employees.

Early reports suggested that the company could lay off 30 percent of their workforce, so thankfully that’s been cut in half. AMD is looking to restructure and they believe the layoffs will save them $20 million in Q4 and $190 million next year.

AMD CEO Rory Read issued a statement about the restructuring, blaming changes in the PC industry that happened faster than they anticipated. Due to the “decline” in the PC industry, AMD plans to divert 40 to 50 percent of their portfolio to “faster growing markets,” by which he means communications, industrial, and gaming applications.

via The Verge

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