[News] AMD Confirms Cutting 4% of Global Workforce

---

---

According to a report from Wccftech, AMD is reducing a portion of its global workforce, a move that an AMD spokesperson has confirmed. The company is currently focusing on expanding its presence in the AI industry through strategic acquisitions and its lineup of accelerator products. To fund these acquisitions, AMD plans to utilize a combination of cash and debt financing.

The report pointed out that this round of layoffs affects approximately 4% of AMD’s workforce. Despite a 17% growth in revenue and a 34% increase in profits for the third quarter, AMD’s fourth-quarter outlook fell short of expectations.

Additionally, AMD’s earnings report for the third quarter reveals a significant decline in revenue for its gaming division, which was USD 462 million, down 69% year-over-year and 29% sequentially, according to its press release. AMD attributed the decline in gaming GPU revenue primarily to “lower semi-custom revenue.”

The report indicated that AMD’s uneven third-quarter performance appears to have influenced the decision to reduce its workforce. Rumors suggest that AMD is planning to let go of approximately 1,000 employees, or around 4% of its global workforce of 26,000.

As reported by Wccftech, an AMD spokesperson confirmed the layoffs and explained that the layoffs aim to realign the company’s resources with its most significant growth opportunities, resulting in a global workforce reduction of approximately 4%. The company also emphasized its commitment to treating affected employees respectfully and providing support to assist them through this transition.

Read more

• [News] AMD Raises Full-year AI Chip Sales Projection to USD 5 Billion though Q4 Forecast Fails to Impress
• [News] AMD Unveils its Latest AI Accelerators MI325X and MI355X, with TSMC Emerges as the Major Beneficiary

(Photo credit: AMD)