This weekend, Advanced Micro Device (AMD) employees are being hit with some terrible news. AMD may be laying off around 20-30% of their employees in the next few weeks. AMD is going to be reporting their quarterly earnings on Thursday and they have warned that their third quarter revenue is down 10%. AMD’s CFO Thomas Seifert stepped down last month.
The job cuts will likely affect employees in the engineering and sales departments.
AMD currently has around 11,700 employees. Generally the third quarter is stronger for computer sales than the second period, but tablet computers are affecting the sales of PCs, which AMD depends a lot on.
Earlier Intel, the largest microprocessor company, had issued a warning about their own third-quarter results too.