AMD CEO Rory Read has responded to a Reuters article that said the semiconductor company is putting themselves up for sale after posting disappointing Q3 results last month. Below is a candid e-mail that AMD CEO Rory Read sent out internally.
Rory Read Posts
About a week ago, we reported that AMD is laying off 20-30% of their workforce. The company recently reported a quarterly loss of $157 million and revenues are down 10%. The company reduced their workforce by around 15%. AMD reported Q3 2012 revenue of $1.27 billion, which is a 10% decrease since last quarter and 25% for the same time last year.
Thomas Seifert, the SVP and CFO of Advanced Micro Devices, has stepped down from the company. Seifert worked at the company for about three years. Seifert became interim CEO in early 2011 until Rory Read filled in for him. Seifert left to “pursue other opportunities,” but AMD’s current SVP and corporate controller will replace Seifert on an interim basis. Check out the press release below: