Friday, October 17, 2014

AMD US Chip Maker to layoff 7% of employees to increase profits

AMD US Chip maker, AMD layoff, AMD workers

U.S. chip maker Advanced Micro Devices Inc which is struggling recently announced on Thursday October 16 that they will be reducing their global workforce by 7% to raise profits.

The company's performance for the last three quarters are below the market expectations. Because of this announcement the shares of AMD went down by around 5% to $2.51.

AMD on their 2014 Third Quarter reports stated that they have a Net income of $17 million which is earnings of $0.02 per share.

The earnings balanced for depreciation costs, which is close to 3 cents per share. In the previous year the organization earned $48 million which is 6 cents for every share.

AMD's revenue went down from 1.46 billion to 1.43 billion last year. Besides, the company is expecting its Q4 revenue to decline by 13%.

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