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[WSJ] AMD to Cut 1,400 Jobs

post #1 of 135
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Quote:
Advanced Micro Devices Inc. said it plans to cut more than of 10% its work force, as part of a restructuring that the chip maker hopes will allow it to focus on new growth areas such as lower power processors.

AMD said the layoffs, which amount to about 1,400 of its approximate 12,000 employees, and other restructuring actions will allow it to save about $10 million in the current quarter and $118 million in 2012. The company also said it's implementing some initiatives to reduce operating costs next year by an additional $90 million.

"Reducing our cost structure and focusing our global work force on key growth opportunities will strengthen AMD's competitiveness and allow us to aggressively pursue a balanced set of strategic activities designed to accelerate future growth," AMD President and Chief Executive Rory Read said.

Mr. Read was appointed as AMD's CEO in August following a nearly eight-month search. Previous Chief Executive Dirk Meyer had left the company in January on board concerns that he wasn't moving quickly enough to begin offering chips for mobile devices.

The Sunnyvale, Calif., company--which designs semiconductors that serve as calculating engines in computers, servers and game consoles—has benefited from strong demand for its new chips that combine graphics and computing on the same piece of silicon. But the company also has been hurt by manufacturing problems, which have limited the supply of its processors and hurt AMD's ability to take share from rival Intel Corp.

In addition, companies that make chips based on ARM Holdings PLC architecture, which currently dominate mobile devices, are working to expand into PCs and servers, the traditional markets of Intel and AMD. That will put more pressure on AMD, which has been viewed as the low-cost alternative to Intel.

AMD, which doesn't have the deep pockets of Intel, said it plans to reinvest a "significant" portion of the savings to accelerate AMD's strategies for lower power chips, emerging market exposure and cloud computing. It also said it likely will re-hire employees based on the skills needed for the new growth opportunities.

AMD said the job cuts will occur across all functions globally and are expected to be mostly completed by the end of the first quarter. The company expects fourth-quarter operating expenses of $610 as a result. It estimates restructuring costs of about $101 million in the fourth quarter and $4 million in 2012

Source
WSJ apparently wont let you read the full article unless you visit from Google search results or pay them subscription fee
Alternate Source
Edited by Captain Han - 11/3/11 at 2:35pm
post #2 of 135
Looks like those jobs...

*Puts on sunglasses*

are getting bulldozed

*Is nothing more than a joke
Edited by Nick0matic - 11/3/11 at 2:39pm
 
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post #3 of 135
Well what else can you do?
    
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post #4 of 135
Bulldozer must have really been a flop.
    
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post #5 of 135
sigh. a big chunk of those layoffs will probably be here in the valley.
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post #6 of 135
Quote:
Originally Posted by Nick0matic View Post
Looks like those jobs are getting bulldozed

*Is nothing more than a joke

i lol'd
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post #7 of 135
Somewhat sad considering there jobs. They should have seen this though, Bulldozer didn't deliver and this is what they get.
post #8 of 135
ouch, never glad to hear about people losing their jobs
post #9 of 135
Quote:
Originally Posted by Nick0matic View Post
Looks like those jobs are getting bulldozed
I literally lol'ed. But seriously this is horrible news. Especially for employees with families. I personally know what it feels like to have a family member who's the breadwinner of the house get layed off. It's a rough ride, believe me. I wish the best for anyone who's laid off and best of luck to them obtaining new jobs.
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post #10 of 135
I highly doubt bulldozer had much of anything to do with this.

enthusiast market us such a small percent of revenue.
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