Intel wasn't the only one to have a bad fourth quarter. Only days before reporting its latest financial results, AMD has announced plans to cut 1,100 jobs worldwide, according to the Associated Press. That's the third time AMD has made layoffs in the past year.
900 of the latest cuts will manifest as straight firings, while the rest will be related to "attrition and the previously announced sale of a business unit"—presumably the foundry spinoff. The AP says AMD's current workforce adds up to 15,000 staffers, and 3,000 of those will head to The Foundry Company once the spinoff completes. The 1,100 cuts allegedly come in addition to that, so AMD itself should eventually be left with just 10,900 staffers globally.
In addition to the layoffs, the AP writes that remaining AMD staff will suffer temporary pay decreases. CEO Dirk Meyer and Chairman Hector Ruiz will get the largest cuts—20% each—while VPs and "other top management" will see their income drop by 15%, other salaried staff will see 10% drops, and hourly workers will get 5% cuts.
AMD should report its Q4 results next Thursday, the AP says. The company has already warned that revenue will fall below expectations and reach roughly $1.2 billion, a ~33% year-over-year drop.
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