Advanced Micro Devices (AMD) is laying off 4 per cent of its global workforce, equivalent to approximately 1,000 employees, as the company pivots towards accelerating the development of artificial intelligence (AI) chips
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The company expects restructuring costs between USD 11 million and USD 13 million in the fourth quarter, with the plan set to conclude by year-end
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This latest move is part of a broader restructuring campaign that has seen the company cut approximately 21,000 jobs since November 2022 in an effort to streamline operations and reduce costs
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This restructuring might save the corporation between USD 2.1 billion and USD 3.6 billion per year
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