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Date Posted:06:20:29 11/04/11 Fri Author: Overlord.... Subject: Job cuts.....
AMD to cut 1,400 workers, new CEO's first big move
Advanced Micro Devices cutting 1,400 workers amid PC industry malaise, manufacturing problems
Advanced Micro Devices Inc. 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.
The layoffs announced Thursday amount to about 12 percent of the company's 12,000 workers and are the first big move by AMD's new CEO, Rory Read, who was hired from Lenovo Group in August. The cuts will unfold over the next five months.
AMD is struggling with an industrywide problem: PC sales growth, particularly in the U.S. and Europe, has been anemic because of the down economy and competition from smartphones and tablets.
Although PC shipments continue to grow, the pace is slowing sharply -- and more than market research firms IDC and Gartner Inc. expected. That has raised concerns about the strength of the market going in to the holiday shopping season.
