AMD to Cut Staff, Reduces Revenue Forecast
Category: ManufacturersPosted: April 7, 2008 03:52PM
Author: Nemo
AMD today announced plans to cut 10% of it's workforce in an effort to cut costs. The cuts are expected to affect 1,600 positions and be completed by the Q3 2008. Along with the announced job cuts, AMD also lowered its revenue forecast from $1.61 billion to $1.5 billion citing lower sales. While that's over 20% ahead of the same period a year earlier, AMD is still struggling and is running a string of five consecutive quarterly losses, largely attributable to its acquisition of graphics card manufacturer ATI in 2006. The latest quarterly results reflected a loss of $1.722 billion, of which $1.675 billion was related to the ATI purchase.
