Computer chip maker AMD (Advanced Micro Devices Inc) plans to cut 1100 of its workers and decrease some salaries by up to 20 percent. This is the third round of job cuts within the last year for AMD - after laying off 600 employees last month and over 1600 last April - as they continue to try and recover from their expensive aquisition of ATI and a falling share price.The jobs cuts amount to 9 percent of AMD's global staff, with 900 direct layoffs and the rest coming from the sale of one of their business units and expected retirements. Along with the axing of jobs, some remaining employees will face temporary pay cuts. Its two top executives face pay decreases of 20 percent, with cuts of 15 percent for top management and its vice presidents, 10 percent for some other workers, and 5 percent for hourly workers. There will be voluntary cuts for workers outside of North America. Other money saving actions include suspending contributions to employee retirement plans.
AMD's largest rival Intel recently announced drops in sales and profits, showing that the current economic conditions are hitting both companies quite badly. AMD, who are in the middle of a large restructuring, are due to report their forth quarter results this Thursday and have already warned that sales will be down a third on last year.
You've got a good point there. Also, it'll mean the prices will be competitive. AMD's prices are usually lower than Intel, but Intel have the better processors.
I think it has nothing to do with who has a better processors but more a long the line of the Financial Crisis just take at the stock even Intel has lost over 50% of it stock in the last 6 mos.
America? Huh..every country is have economic problems right now.
Even one of the fast developing country is dealing with job cuts.
Don't know where you get the idea "that's America for you."
Hopefully. But from what they have said, this is the worst it has ever been by far. Personally I think Bush is to blame for all of this. His warmongering started it all, and then all the bad loans for housing multiplied it, along with the high gas prices not long ago.
This whole thing is extremely depressing. So many are losing their houses, unemployment, and 401k plans losing big money.
This whole thing is extremely depressing. So many are losing their houses, unemployment, and 401k plans losing big money.
It hasn't been this bad since the 80's. It will get better, but it will take about 10 years for everything to get back to the normality that was the late 90's. Back then money was worth a lot more (if that makes sense) and the cost of living was so much cheaper. I remember my first job in 1997, there was no minimum wage and I got paid £2.44 an hour. I work my contract hours plus OT and got more than £500 in my hand each month. for a 17 year old, that was brilliant. I didn't think it would be better than that! As it turns out, that £550 wouldn't even cover my mortgage for one month, which I think is just ridiculous.
Last edited by badblood on 19 Jan 2009 - 08:23
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