Subject: General Tech | October 15, 2012 - 02:54 PM | Jeremy Hellstrom
Tagged: amd, jobs, sad
If Friday's announcement of AMD's lowered financial expectations was not enough to depress you, The Inquirer has heard from three separate sources that AMD is looking to cut between 1000 to 3000 employees, representing 10% to 30% of its workforce. Rory Read's excising of the marketing department has not magically reversed the $500M in reported losses so far this year and so he will be attempting to treat the symptoms with a larger dose of the same cure. Being a publicly owned company who have seen their stock prices plummet by 14% last week so something had to be done, even if on the surface it looks to be bad for the company in the long term. The chances are good that the graphics department will be left mostly intact but the CPU team could be facing a lot of cuts which could slow or derail the development of the next generation of processors.
"Last week AMD revised its revenue forecasts down considerably due to weak demand and now multiple sources have said that the firm is preparing to lay off a significant percentage of its workforce. According to three sources that spoke to Allthingsd, AMD is preparing to cut anywhere between 10 percent and 30 percent of its 11,000 employees."
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