Chipmaker AMD Suffers Big Losses, Announces Big Layoffs

PC chipmaker Advanced Micro Devices said on Thursday it will cut its workforce of nearly 12,000 by 15 percent, its second round of layoffs in less than a year, as it struggles with a weak global economy and a consumer shift toward tablets.

The chipmaker forecast a drop in fourth-quarter revenue that is worse than Wall Street expected, and Chief Executive Rory Read said that he does not expect the PC industry to improve for "several" quarters.