Posted on 11/08/2012 10:48:09 PM PST by My Favorite Headache
Advanced Micro Devices Inc. ( AMD ) has eliminated approximately 400 jobs from its Austin workforce in order to reduce operational costs. This layoff is an attempt by AMD to optimize its cost structure and thereby improve its competitiveness.
The restructuring announcement came as part of AMD's third-quarter 2012 earnings release. The company had planned to eliminate 15% of its workforce, or about 1,800 jobs but did not mention local layoffs. The company had nearly 2,500 workers in Austin at the time.
These layoffs are expected to reduce the cost base by 25% and generate total annualized cost savings of around $190 million in 2013. The new structure will enable the company to break even in the third quarter of 2013 at a quarterly revenue level of $1.3 billion.
Management is looking to reinvest some of the savings into newer business areas, such as tablet-style computers in emerging markets, site consolidations and Internet-related opportunities (mainly cloud computing).
Advanced Micro has been suffering from the slowdown in the global PC market. We believe that the weak computer market, strong competition from Intel Corp. ( INTC ) and the company's failure to penetrate the emerging mobile device market have forced it to refine its cost structure.
The company reported a very poor third quarter, with a significant net loss that was the combined effect of weak demand, an inventory write-down and productivity issues. The company's third-quarter sales of $1.27 billion was down 10.2% sequentially and also below the consensus estimate of $1.28 billion.
(Excerpt) Read more at community.nasdaq.com ...
HOORAY AMD! Prepare. Persevere.
Is Atlas starting to shrug?
I really think we need a common thread/placeholder or group for these posts, and it oughtta be called ELECTIONS HAVE CONSEQUENCES.
Also just read that US Cellular (Chicago based) is selling their Chicago market off to Sprint. I know alot of folks who work at US Cellular in I.T. - the job cuts they're about to go through are staggering in Illinois.
But then, we are a BLUE STATE and ELECTIONS HAVE CONSEQUENCES don't they? (Yes, I live in IL - unfortunately!)
It's pretty clear to me that Businesses are already striking back at Obama after he won the election, and I say good for them! ELECTIONS HAVE CONSEQUENCES!
All of it just starting...my prediction? After the seasonal hiring b.s. is over come February when they don’t have jobs any longer get ready. My prediction is around 3.5 to 4.5 million jobs shaved between now and then.
I've read at least 10 articles posted here on FR announcing job cuts in primarily LIBERAL/DEMOCRAT states/locations.
I really think we need a common thread/placeholder or group for these posts, and it oughtta be called ELECTIONS HAVE CONSEQUENCES.
Already formed…FYI
Yep, I saw it right after I posted that comment, great work! Thanks!
I've read at least 10 articles posted here on FR announcing job cuts in primarily LIBERAL/DEMOCRAT states/locations.
I really think we need a common thread/placeholder or group for these posts, and it oughtta be called ELECTIONS HAVE CONSEQUENCES.
Already formed…FYI
The Free Republic "Elections Have Consequences" Repository “OBAMAsizing”
Not in this case. AMD has been sucking air for some time now.
Obama is dumb...
dumb dumb, dumb dumb!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.