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AMD Trims Austin Workforce - 400 Jobs Slashed
NASDAQ ^ | 11/9/12

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 ...


TOPICS: Business/Economy; News/Current Events; US: Texas
KEYWORDS: jobs; layoffs

1 posted on 11/08/2012 10:48:11 PM PST by My Favorite Headache
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To: My Favorite Headache

HOORAY AMD! Prepare. Persevere.


2 posted on 11/08/2012 11:25:06 PM PST by PGalt
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To: My Favorite Headache

Is Atlas starting to shrug?


3 posted on 11/08/2012 11:56:52 PM PST by fella ("As it was before Noah, so shall it be again,")
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To: My Favorite Headache
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.

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!

4 posted on 11/09/2012 12:01:32 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: usconservative

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.


5 posted on 11/09/2012 12:06:38 AM PST by My Favorite Headache (In a world where I feel so small, I can't stop thinking big.)
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To: usconservative
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

6 posted on 11/09/2012 12:10:58 AM PST by Stand Watch Listen
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To: Stand Watch Listen

Yep, I saw it right after I posted that comment, great work! Thanks!


7 posted on 11/09/2012 12:12:17 AM PST by usconservative (When The Ballot Box No Longer Counts, The Ammunition Box Does. (What's In Your Ammo Box?))
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To: usconservative
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”

8 posted on 11/09/2012 12:13:21 AM PST by Stand Watch Listen
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To: fella
Is Atlas starting to shrug?

Not in this case. AMD has been sucking air for some time now.

9 posted on 11/09/2012 12:14:28 AM PST by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: My Favorite Headache

Obama is dumb...
dumb dumb, dumb dumb!


10 posted on 11/09/2012 12:27:51 AM PST by ari-freedom (Election Day should be after Thanksgiving, not right after Halloween)
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