Home More cuts: AMD to reduce global workforce by 5%
News

More cuts: AMD to reduce global workforce by 5%

Renee Johnson
Disclosure
Disclosure
In our content, we occasionally include affiliate links. Should you click on these links, we may earn a commission, though this incurs no additional cost to you. Your use of this website signifies your acceptance of our terms and conditions as well as our privacy policy.

AMD plans to reduce its global workforce by about 5%, according to a Form 8-K filing that became public today. The layoffs are part of a larger restructuring plan that includes the outsourcing of functions like IT services and application development, as well as the consolidation of some of the company's real estate assets.

As part of the restructuring, AMD expects to take a charge of about $42 million, $41 million of which will be recorded in the third quarter of the company's fiscal year 2015. The filing says about $31 million of those costs is related to severance and benefits, $1 million is related to real estate consolidation, and $9 million is from "intangible asset related charges associated with the impairment of certain software licenses that have ongoing payment obligations."

AMD expects to realize savings of about $2 million and $7 million from its plan in the remaining quarters of its fiscal 2015, along with savings of $58 million over the course of its fiscal 2016.

Latest News

Apple Might Join Hands with Google or OpenAI for Their AI Tech
News

Apple Is Reportedly Planning to Join Hands with Google or OpenAI to License Their AI Tools

YouTube Launches New Tool To Help Label AI-generated Content
News

YouTube Launches a New Tool to Help Creators Label AI-Generated Content

YouTube released a tool that will make creators clearly label the parts of their content that are generated by AI. The initiative was first launched in November in an attempt...

Ripple Dumps 240 Million XRP Tokens Amid 17% Price Decline
Crypto News

Ripple Dumps 240 Million XRP Tokens Amid 17% Price Decline

Popular crypto payment platform Ripple has released 240 million XRP tokens in its latest escrow unlock for March. This comes at a time when XRP’s price has declined significantly. Data from...

Crypto Expert Draws A Links Between Shiba Inu And Ethereum
Crypto News

Crypto Expert Draws Link Between Shiba Inu And Ethereum

The Lucrative FTX Bankruptcy Trade and Ongoing Legal Battle
Crypto News

The Lucrative FTX Bankruptcy Trade and Ongoing Legal Battle

Bitcoin (BTC) Price Set to Enter “Danger Zone” – Time to Back-Off or Bag More Coins?
Crypto News

Bitcoin (BTC) Price Set to Enter “Danger Zone” – Time to Back-Off or Bag More Coins?

SNB to Kick Off Rate Cut Cycle Sooner Than Expected
News

SNB to Kick-Start Rate Cut Cycle Sooner Than Expected