Advanced Micro Devices To Cut 5% Of Workforce Amid Struggles

Advanced Micro Devices Inc. revealed Thursday that it plans to cut 5% of its workforce in a restructuring. The Silicon Valley chipmaker did not reveal the total number of jobs it will look to cut, but AMD reported a total employee count of 9,700 in its most recent annual report, which would mean nearly 500 jobs are on the chopping block. The move is part of a restructuring that will include consolidating some office and outsourcing some services, and AMD said in a filing that it expects to face about $41 million in costs for the move. AMD cut its revenue expectations in July, part of a downfall for the company amid struggles in the personal computer market, after changing CEOs late last year. This is the second announced round of job cuts in the last year for the company, after it cut 7% of its workforce last October. AMD expects to save $58 million in the 2016 fiscal year from Thursday's announced changes. AMD shares were mostly unchanged in immediate late trading, dropping a penny after closing with a 1.2% gain at $1.74.