AMD has confirmed that it is cutting about four percent of its global workforce. according to reports by TechCrunch and others. It’s not entirely clear how many people will be affected by the move or from which divisions the laid-off workers will be pulled from.
However, we can do some math. Last year, the company had about 26,000 employees. According to the annual report by AMD. Four percent of the 26,000 belong to just over 1,000 people. That’s a lot.
So that brings us to why. You already know the answer. It’s a bunch of corporate gobbledygook. “We are taking a number of targeted steps to align our resources with our greatest growth opportunities” AMD spokesperson said CRN.
don’t worry. The company also said it is “committed to treating affected employees with respect and helping them through this transition.” Engadget has reached out to AMD for more information on what this tribute and assistance will look like. We’ll update this story if we find anything.
The news comes after a rather mixed Q3 earnings report. The company grew revenue and profit, but the gaming division saw a massive 69 percent year-over-year decline. according to Wccftech. The company has also struggled to compete with NVIDIA in the world of artificial intelligence chips.
Experts still predict that AMD will earn around $33 billion in 2025. thanks to next-generation GPUs. But that’s not enough for investors, because compared to 2024, that’s “only” an increase of about $7 billion. The company’s shares are down nearly four percent this year and are down even more today. Capitalism requires massive and endless growth.
Opponent (and sometimes the best) Intel faced similar headwinds. company It announced more than 15,000 layoffs earlier this year.
