"Advanced Micro Devices lowers first-quarter sales outlook, will shed 10
per cent of workforce
THE ASSOCIATED PRESS
SUNNYVALE, Calif. - Lower-than-expected sales have driven chip maker
Advanced Micro Devices to reduce its revenue outlook for the first
quarter, and begin trimming its 16,000-person workforce by 10 per cent.
The Sunnyvale, Calif.-based company said Monday it now expects revenue
of $1.5 billion for the quarter ended March 29, down 15 per cent from
the 2007 fourth quarter.
Analysts surveyed by Thomson Financial had forecast higher quarterly
sales of $1.62 billion.
AMD says it will complete the job cuts by the end of the third quarter,
and take a related charge in the second quarter. It didn't disclose
restructuring costs.
In 2006, AMD struck a multibillion-dollar deal to acquire Toronto-area
graphics chip maker ATI Technologies Inc., one of Canada's largest tech
companies. "
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