AMD to lay off 4 pct of its workforce

SAN FRANCISCO, Nov. 13 (Xinhua) — U.S. computer chipmaker AMD is laying off around 1,000 employees, or 4 percent of its workforce, according to the company’s annual 10-K filing.
The Californian Santa Clara-based company said it is “aligning our resources with our largest growth opportunities.” AMD, which stands for Advanced Micro Devices, has 26,000 workers.
Last month, AMD reported third-quarter revenue of 6.82 billion U.S. dollars. But its estimate for future earnings for around 7.5 billion dollars in revenue in the fourth quarter came below analyst estimates.
AMD’s stock was down around 3 percent on Wednesday and is mostly unchanged this year. In contrast, its biggest rival Nvidia’s stock has more than tripled, according to a report by the San Francisco Chronicle. ■