AMD confirms ten percent job cuts
8 Apr 2008 | 03:43 BST
Misses income targets too
AMD CONFIRMED OUR story about layoffs and income today by announcing layoffs and a drop in income. Other than us being right, there is nothing to be happy about, as the actual level of redundancies is ten per cent - double the expected number.
The revenue decline is 15 per cent vs Q4/2007, but up 22 per cent over 1Q/2007.
The firm said 1,650 jobs will go said AMD and Q1 sales will be around $1.5 billion or around 15% down quarter on quarter.
"The decrease is due to lower than expected sales across all business segments," an AMD statement said after the markets closed on Monday.
Those without jobs will walk within six months.
The firm is struggling in the first quarter and said it will take a charge in the second quarter but it doesn’t yet know how much.
There has been speculation that Hector’s job is on the line. Financial results are due on April 17th. µ
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