When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.

AMD tightens belt, hammers workforce

AMD today announced that 2,000 people, or approximately 15 per cent of staff, will lose their jobs by the end of the second quarter of 2003.

The announcement is part of the company's strategy to reduce its breakeven point and expenses by $350 million in 2003. Approximately 1,000 affected employees located in the US, Europe and Asia were notified today.

AMD will take a Q4 restructuring charge of "several hundred million dollars", the company said.

"While painful and unfortunate, today's action will help to position AMD so that we can take full advantage of the eventual market recovery," said AMD President and CEO Hector Ruiz.

News source: The Reg

Report a problem with article
Next Article

Do Amazing Things with Windows XP

Previous Article

Windows .Net Server 2003 build 3714 released