AMD Hires JPMorgan Chase To Help With Chip Sales
Advanced Micro Devices (AMD) has enlisted the aid of JPMorgan Chase & Co. for financial advice as it struggles with chip sales in an ever changing martket more geared towards mobile computing. In the last year, AMD's shares have fallen over 60 percent with a current market cap of $1.4 billon. Long term debt and captial lease contracts have AMD owing some $2 billon to banks. Since the recent rush in mobile, AMD has had trouble in the last few years trying to keep up with names like Intel and ARM, which produce cheaper and more power efficent chips in a PC market now surging with an emphasis on mobile. AMD reported last month it would slash the workforce by 15 percent in an effort to refocus resources towards areas like communications, industrial and gaming hardware. Goldman Sachs analyst Jame Covello recented reported to clients that chances on AMD liqudating the PC processor divison were between 15 and 30 percent. AMD's current target market cap is $1.1 billion due to the company's decreasing size.