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AMD to cut 1,600 of its employees | AMD to cut 1,600 of its employees |
(about 11 hours later) | |
Shares in chipmakers have been hit after Advanced Micro Devices (AMD) warned of lower-than-expected first quarter sales. | Shares in chipmakers have been hit after Advanced Micro Devices (AMD) warned of lower-than-expected first quarter sales. |
AMD said it would cut 10% of its workforce, which means more than 1,600 jobs will go. | AMD said it would cut 10% of its workforce, which means more than 1,600 jobs will go. |
It is struggling to compete with Intel while trying to get the full benefits from its $5.6bn (£2.8bn) acquisition of the graphic chip firm ATI Technologies. | |
AMD shares trading in New York closed down 6.3% at $6.03. | |
Product delays to AMD's Opteron server chip have also hit the firm. | Product delays to AMD's Opteron server chip have also hit the firm. |
Intel has not had an easy time competing either. Last year, it cut about 10% of its own workforce, which meant a reduction in jobs of about 10,500. | Intel has not had an easy time competing either. Last year, it cut about 10% of its own workforce, which meant a reduction in jobs of about 10,500. |
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