AMD Cutting 1,400 Workers As PC Industry Stumbles
SAN FRANCISCO (AP) -- Advanced Micro Devices says it is cutting some 1,400 workers as a weak computer market and manufacturing delays have hurt the world's second-biggest maker of microprocessors for PCs.
PC sales growth, particularly in the U.S. and Europe, has been anemic because of the economy and competition from smartphones and tablets.
Advanced Micro Devices Inc. has struggled with setbacks, including manufacturing problems that have postponed the shipment of important new chips for AMD.
AMD had roughly 12,000 employees at the end of the third quarter, meaning the cuts amount to about a 12 percent reduction. The layoffs and other actions are expected to save $200 million in savings in 2012.
AMD shares fell 3 cents, or 0.5 percent, to $5.70 in extended trading, after the cuts were announced Thursday.
Don't Miss: Companies Hiring Now
Stories from Daily Finance
- Nine Businesses Americans Complain About the Most
- Big Tech's Hiring Binge Has Small Impact on Jobs
- Why Are Rich Companies Laying Off Poor Workers?