10% of AMD employees will be fired

    Company AMD's , a well-known chip maker, plans to cut the number of its employees by 10%. This step is due to the need to reduce company costs. The total number of laid-off workers will reach 1,600 out of 16,719 employees.

    The company's profit in the first quarter of 2008 (a report on financial success will be published on April 17), according to AMD specialists, will decrease by 15% compared with the same indicators for the last quarter of 2007.

    A tangible decline in sales of the company's products for all market segments is one of the main reasons for the emerging financial crisis. An additional reason was also the delay in the launch of the quad-core Opteron processor, as a result, AMD lost part of the market to its direct competitorIntel . All this did not have the best effect on the value of the company's shares, which since January 6, 2006 have fallen in price by 79.28%. April 7, 2008 at the close of trading, AMD shares were worth $ 6.31 apiece.

    via The Register

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