Advanced Micro to cut 600 jobs
times wire reports
Advanced Micro Devices Inc., the second-largest producer of personal-computer processors, will cut about 600 jobs, 100 more than previously planned, as it struggles to return to profitability.
The cuts will result in an expense of about $70 million in the fourth quarter, including $34 million from severance costs and the continuation of some employee benefits, the Sunnyvale, Calif., company said in a regulatory filing.
The company, on course for its third-straight annual loss this year, is striving to keep up with larger rival Intel Corp. as demand for PC chips slumps. Intel has captured market share by adopting newer technologies more quickly.
AMD shares fell 8 cents to $2.10.
