AMD to cut 1,600 jobs
Processor manufacturer AMD announces that it will cut 1,600 jobs worldwide
AMD has announced that it will cut around 1,600 jobs due to declining sales. The cuts, equivalent to around 10% of the chip manufacturer's total workforce follow losses in the last five quarters.
The poor results were partly due to increased competition from Intel, product delays and costs from the $5.6 billion acquisition of graphics processor manufacturer ATI. The company said it expects revenues for the first quarter of this year to hit $1.56 billion, up 22% on the same period last year, but down 15% on Q4 2007.
The job cuts are due to take place between now and the end of September.
AMD would not discuss whether the job losses would have any impact locally. Gautam Srivastava, VP, sales and marketing and managing director for AMD, Middle East, Africa and Pakistan told itp.net: "This is a worldwide announcement; we do not have any comments on its local impact in any of our regions."