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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Vembu’s comments, made on X (formerly Twitter), come after Freshworks revealed it would be trimming 13 per cent of its workforce, equating to around 660 employees, even as it announced the massive buyback
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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 comes after a previous reduction of 4,000 positions earlier this year, the company is now eliminating approximately 5,600 additional roles
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The layoffs will primarily impact corporate and support roles within Xbox, though no gaming studios will be shuttered and no ongoing projects will be canceled.
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As the company plans 7 per cent staff reduction due to dip in revenue, this is its second major workforce reduction
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