Advanced Micro Devices Inc (AMD) says it plans to cut 7 percent of its global workforce in an effort to improve its profitability.
The Sunnyvale, California-based chipmaker on Thursday posted third-quarter results that missed market expectations.
The company expects the reductions and related real estate moves to save US$85 million next year.
AMD employed 10,149 people as of the end of its third quarter.
The company is scheduled to take a US$57 million charge, largely for severance, in the final quarter.
AMD shares fell nearly 5 percent to US$2.51 in extended trading following the announcement.
As of Thursday’s close, the stock is down by nearly one-third in the year to date.
It is the first move by AMD’s new chief executive officer, Lisa Su (蘇姿豐), who replaced Rory Read just over a week ago.
AMD said that it earned US$17 million, or US$0.02 per share, in its most recent quarter.
Earnings, adjusted for amortization costs, totaled US$0.03 per share, down from US$48 million, or US$0.06 per share last year.
The chipmaker posted revenue of US$1.43 billion in the period, down from US$1.46 billion last year and also short of forecasts.
For the fourth quarter, AMD expects revenue to decrease 13 percent, plus or minus 3 percent, from the third quarter.
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