Company hopes to turn around finances after several poor quarters
Jessica Lipsky, EETimes
10/1/2015 07:27 PM EDT
SAN FRANCISCO – Advanced Micro Devices has joined the list of large semiconductor companies handing out pink slips. A recently adopted restructuring plan to help improve poor fiscal results calls for a 5% reduction in the company’s global workforce.
AMD has 9,469 employees as of June 2015 and will cut approximately 470 positions. The restructuring plan will target “all sites, all levels, all functions,” an AMD spokesman said, adding that engineers will represent a smaller portion of layoffs. Cuts will mostly come from sales, marketing, and operations segments.
In the first half of this year, AMD slipped from IHS' top 20 semiconductor vendors list after six consecutive quarterly losses. The company expects to save approximately $9 million in 2015 and $58 million in 2016 following job cuts and restructuring.
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