AMD reports $157 million loss – 15% of staff to be sacked




/ 12 years ago

The struggling microprocessor company AMD has reported a loss of $157 million for the third quarter on revenue of $1.27 billion, good for a 10 percent drop since last quarter and 25 percent less year-over-year.

What’s worse, is that around 15% of their workforce find themselves without employment. Roughly 1,700 employees will be laid off through the fourth quarter as part of a just-announced restructuring plan.

It’s not as bad as the 20-30 percent estimates that were circulating via rumor mill earlier this week, but it’s a substantial reduction nevertheless. The cuts are in addition to the 1,400 employees that were let go in November 2011.

Former Lenovo chief and current AMD CEO Rory Read said in a statement issued alongside the earnings report that the PC industry is going through a period of very significant change that is affecting the ecosystem and AMD. They were aware of trends that would reshape the industry but they are happening much faster than the company anticipated.

Source: Wall Street Journal



Support eTeknix.com

By supporting eTeknix, you help us grow and continue to bring you the latest newsreviews, and competitions. Follow us on FacebookTwitter and Instagram to keep up with the latest technology news, reviews and more. Share your favourite articles, chat with the team and more. Also check out eTeknix YouTube, where you'll find our latest video reviews, event coverage and features in 4K!

Looking for more exciting features on the latest technology? Check out our What We Know So Far section or our Fun Reads for some interesting original features.

eTeknix Facebook eTeknix Twitter eTeknix Instagram eTeknix Instagram
  • Be Social With eTeknix

    Facebook Twitter YouTube Instagram Reddit RSS Discord Patreon TikTok Twitch
  • Features


Send this to a friend
})