A few days ago, there were rumors that AMD was preparing to lay off as many as 30 percent of its team members. Today, the PC and graphics processing company announced it would be reducing its workforce, but that the numbers would in fact be around 15 percent of its total workforce.
AMD's press release said that the layoffs would be made sometime in the current fourth quarter of 2012 and that the company would take a one time $80 million charge as a result of the workforce reduction. AMD also announced that for the third quarter of 2012 it had a loss of $157 million.
Rory Read, AMD's current president and CEO, said that part of the problem was the overall decline in PC sales. Read said, "The PC industry is going through a period of very significant change that is impacting both the ecosystem and AMD. It is clear that the trends we knew would re-shape the industry are happening at a much faster pace than we anticipated."
Before today's financial results, AMD was promoting the launch of its new low power processor, the Z-60 APU, which is made specifically for Windows 8-based tablets. At the time, AMD slammed ARM-based Windows RT tablets for not being able to run legacy Windows programs. It also slammed Intel's chips, claims that Windows 8 tablets with Intel processors would be more expansive than AMD's chips.
Source: AMD | Image via AMD