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AMD to cut 10% of its workforce this quarter

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Posted July 14, 2008 by admin in Industry

Advanced Micro Devices Inc. will take an $880 million writedown on the value of its handheld and digital TV units in the second quarter, according to a company filing registered Friday with the U.S. Securities and Exchange Commission.

The units are part of AMD’s (NYSE: AMD) consumer electronics segment that it acquired from ATI Technologies in 2007.

The company also expects to take $32 million in restructuring charges in the second quarter for employee severance. The company is eliminating 1,600 jobs, or 10 percent of its work force, by the end of the third quarter.



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