AMD announces layoffs 7% about 710 employees will lose jobs

On October 17, AMD, the US chipmaker, announced a 7% layoffs in Thursday and unveiled its less-than-expected fourth-quarter performance outlook. This will be AMD's third round of layoffs since 2011.

Just a week ago. AMD announces that Ronald Courville (Rory Read) will no longer be CEO, and that company COO Lisa Su (Lisa Su) will be the successor to President and CEO of the company.

The unexpected news sparked a new problem for the chip maker.

AMD shares fell nearly 10% per cent in intraday trading after the third-quarter financial and fourth-quarter results in Thursday were less than expected. In November 2011, AMD announced 10% layoffs worldwide. About 1400 employees were affected. October 2012. AMD also announced a global layoff of about 15%.

By the third quarter of this year, AMD co-owned 10,149 employees. A 7% layoff means 710 employees will be affected.

AMD said. The layoffs will take place in December. The move helped the company save $9 million in the fourth quarter, saving $85 million in the second year.

AMD estimates. Revenue in the fourth quarter of this year will fall sharply by 13% (+3%/-3%) from the third quarter. That is, revenue is estimated at about $1.244 billion. Analysts previously estimated that AMD's third-quarter revenue was $1.47 billion in the fourth quarter, with revenues of $1.48 billion in the fourth quarter.

AMD financial results. Third-quarter net profit of $17 million, earnings per share of 2 cents. The net profit for the same period last year was $48 million, earning 6 cents per share.

Excluding one-off expenses, AMD's third-quarter earnings per share were 3 cents. In the third quarter, AMD was earning 14.3 billion dollars. Down 2%.

AMD announces layoffs 7% about 710 employees will lose jobs