Advanced Micro Devices (AMD) will very likely cut 2340 jobs which is about about 20 percent of the workforce. Yesterday we already informed you their prognosis Q3 revenue report which was very worrisome. AMD suffers a lot from the dropping demand in PC market and expects that sales will drop with another 10% in the upcoming Q3. We expected loss of jobs, but not this many.
“With PC demand being so weak, we don’t think the company has any choice but to do some considerable cost-cutting measures,” said Betsy Van Hees, an analyst at Wedbush Securities Inc. in San Francisco reports Bloomberg.
Chief Executive Officer Rory Read has already lowered headcount since he was appointed in August 2011 and slashed 10 percent of its workforce in a round of job cuts announced last November. Other websites like CNET report that AMD could even drop 30% of it's workforce.
AMD next week will announce the mass redundancies.
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