Hopes to save money for investments
Chip designer AMD has announced plans to eliminate about ten percent of its workforce as part of a comprehensive restructuring program.
The layoffs will affect all businesses and levels of the company and AMD believes the effort will cost $105 million in Q4. However, AMD hopes to save about $200 million in operating expenses in 2012.
Newly appointed AMD CEO Rory Read is apparently looking to boost profitability and he has already told investors that AMD needs to work on execution and avoid costly delays in the future.
AMD currently employs more than 12,000 souls. Some sources claim that the cuts will eliminate up to 1,400 jobs, including about 300 at the company’s headquarters in Austin.