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AMD to cut 500 global jobs, take $42 million charge
Highlights
Struggling chipmaker Advanced Micro Devices Inc said it would cut about 500 jobs, or 5 per cent of its global workforce, as it looks to rein in costs amid weak demand for its chips used in personal computers and intense competition. AMD said it expects to take a charge of $42 million, with $41 million of that recorded in the just-ended third quarter. AMD said it expected savings of about $58 million in 2016 from the restructuring plan.
Struggling chipmaker Advanced Micro Devices Inc said it would cut about 500 jobs, or 5 per cent of its global workforce, as it looks to rein in costs amid weak demand for its chips used in personal computers and intense competition. AMD said it expects to take a charge of $42 million, with $41 million of that recorded in the just-ended third quarter. AMD said it expected savings of about $58 million in 2016 from the restructuring plan.
The restructuring includes outsourcing certain IT and application development services, the company said in a regulatory filing on Thursday. AMD will cut white-collar jobs and is not shutting or idling any fabricating operations, spokesman Drew Prairie said.
The job cuts will take place across AMD's global operations, including Austin, Texas, and company headquarters in Sunnyvale, California, Prairie said. AMD had about 9,700 employees at the end of last year, according to its latest annual filing from February.
AMD, which sells central processing units and graphics chips used in personal computers, in July reported its second-quarter revenue fell 35 percent from the year-earlier period, citing weaker-than-expected demand for PCs.
The company has been shifting to gaming consoles and low-power servers, but progress has lagged Wall Street expectations due to intense competition from Intel Corp and newer companies. Shares of AMD were flat at $1.74 in after-hours trading.
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