AMD cuts 10 percent of workforce

AMD CEO Rory Read said the restructuring will allow the company to focus on lower power chips, emerging markets and cloud computing.

AMD cut 10 percent of its workforce in a move to cut costs and make larger bets on low-power chips and cloud computing.

According to a statement, AMD will cut operating expenses by $10 million in the fourth quarter and $118 million in 2012. Total operational savings in 2012 will top $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 $101 million in the fourth quarter with $4 million in the first quarter of 2012.


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