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January 16, 2009

AMD Chips Off Jobs, Salaries

Filed under: AMD,Technology,US — DF @ 2:59 pm
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On Friday (1-16-2009), Advanced Micro Devices (NYSE:AMD) said it would trim 1,100 jobs, or 9.2% of its global workforce, and would temporarily cut some employees’ salaries, including those for top executives, to help carry the chip maker through the soft environment for computer sales, according to Forbes

December 30, 2008

AMD reports more job cuts, higher restructuring costs

According to BizJournals: “AMD said in a regulatory filing on Monday that it cut about 100 more jobs than it originally targeted, resulting in higher than expected restructuring costs in the fourth quarter.

The Sunnyvale chip maker (NYSE:AMD) said it reduced its work force by 600 and will see $70 million in costs related to that move, instead of the 500-worker cut with $50 million in costs originally announced in November.”

AMD also said it isn’t through, saying in the filing that “further cost reduction actions will result in additional charges in the first half of fiscal 2009, which the company cannot estimate at this time”, according to New Mexico Business Weekly

Update: So the rumor we published earlier regarding possible additional layoffs at AMD is confirmed.

December 16, 2008

Rumor: AMD may reduce workforce again in January 2009

Filed under: AMD,Technology,US — DF @ 4:04 pm
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According to rumors from DigiTimes: “With demand dropping in the PC market due to a worsening global economy, market sources indicated that AMD may lay off an additional 10% of their global workforce of around 15,000 employees in January 2009.

AMD responded by stating it does not comment on rumors and market speculation.

According to the market sources, the layoffs would mainly take place in AMD’s manufacturing business, while some administrative positions may also be cut.

AMD indicated in April that it would be laying off about 10% of its 16,500 employees. Then in November, the company announced another 3% cut, representing a cut of about 500 employees.

AMD trimmed its fourth quarter financial report and the company now expects its fourth quarter sales to be approximately 25% lower than its third quarter revenues of US$1.585 billion. The decline is due to weaker-than expected demand across all geographies and businesses, particularly in the consumer market, AMD noted.”

Confirmed (Update: 12-30-2008): AMD to layoff additional 100 employees

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