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AMD cuts another 500 jobs

Posted on Thursday, November 06 2008 @ 01:30:44 CET by

About a half year ago AMD unveiled it would cut about 10 percent of its workforce, or more than 1,600 people, and today the troubled chip maker announced it has just fired another 500 people from its staff off 15,500, as part of a move to cut costs.
A spokesman declined to give any details about where the cuts had been made.

They are part of major changes the company is undergoing to reduce expenses, including spinning off its manufacturing arm.

The plans pre-date the economic troubles of September and are part of an approach the company has called "asset light."

"We were expecting the company to initiate some cost-cutting. In a move toward 'asset light' they need to become a leaner company and we view this as a positive step," said JoAnne Feeney, an analyst with FTN Midwest.

The company said 3,000 more jobs would be moved early next year to The Foundry Co, the $5.7 billion spin-off of its manufacturing plants in a joint venture with Abu Dhabi.



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