AMD lays off about 1,000 employees, or 4% of its workforce
It has been reported that AMD has laid off approximately 1,000 employees, or about 4% of its approximately 26,000 employees worldwide, on November 13, 2024 local time. AMD acknowledged the report and said, 'This is part of our efforts to align our resources with our greatest growth opportunities.'
AMD layoffs: Company to cut 4% of workforce, or about 1,000 employees
AMD Confirms Laying Off 4% Of Its Employees To Align Resources With 'Largest Growth Opportunities'
AMD is laying off 4 percent of its global workforce as it sharpens focus on AI | Tom's Hardware
https://www.tomshardware.com/pc-components/cpus/amd-to-cut-down-global-workforce-by-4-percent
AMD to cut 4% of global workforce as gaming revenue falls | Hardware | NEWS
https://en.gamegpu.com/iron/amd-destroys-4-of-its-world-states-in-terms-of-falling-of-the-worm-in-the-game-segment
On November 12, 2024 local time, an anonymous post was made on the overseas bulletin board site Team Blind stating, 'Today, 4% of all AMD employees were laid off.'
Additionally, as if to back this up, a number of posts were posted on message board site The Layoff, such as 'I was just told I've been fired. Has anyone else had a similar experience?', 'I was fired too. I received a substantial severance package so the blow is softened somewhat,' and 'I was pretty shocked to hear I was fired. I'm guessing this was a decision made by higher ups as it was probably something beyond my boss's control.'
AMD then confirmed to multiple overseas media outlets that it would be cutting employees, saying, 'As part of our efforts to align our resources with our greatest growth opportunities, we are taking a number of steps which, unfortunately, will result in the reduction of approximately 4% of our global workforce.'
AMD also said, 'We respect our affected employees and are committed to supporting them through this transition,' and that it will provide appropriate support to employees affected by the job cuts and help them transition to new positions.
AMD did not disclose the specific number of employees who were laid off or the total number of employees it employs, but in its annual report filed with the U.S. Securities and Exchange Commission in January 2024, AMD reported that as of the end of 2023, it employed approximately 25,000 full-time employees and approximately 9,500 temporary workers and contractors.
According to overseas media GameGPU, AMD's staff cuts are due to poor financial results in the third quarter of 2024. AMD's third quarter 2024 revenue increased 17% year-on-year and profits increased 34%, both of which were good results, but its fourth quarter 2024 revenue forecast is $7.5 billion (about 1.169 trillion yen), lower than analysts' forecast of $7.54 billion (about 1.175 trillion yen).
AMD's gaming division also took a big hit in the third quarter of 2024, with revenue down 69% year-over-year to $462 million (approximately 72 billion yen). AMD attributed the decline in revenue in the gaming division to 'a decrease in revenue from semi-custom solutions.'
Related Posts:
in Note, Posted by log1r_ut