AMD cuts 10% of its workforce

AMD has cut 10 per cent of its workforce in a move CEO Rory Read said will allow the company to focus on lower power chips, emerging markets and cloud computing.

The cull was designed to cut costs and make larger bets on low-power chips and cloud computing, according to AMD.

In a statement, AMD said it will cut operating expenses by US$10 million in the fourth quarter and US$118 million in 2012. Total operational savings in 2012 will top US$200 million.

New AMD CEO Rory Read said the restructuring is "designed to improve our ability to consistently address the needs of our global customer base and stake leadership positions in lower power, emerging markets and the cloud".

AMD added that its layoffs will affect all functions globally and be complete at the end of the first quarter. The company will take a restructuring charge of US$101 million in the fourth quarter with US$4 million in the first quarter of 2012.

Via ZDNet US