AMD boots (another) 500 workers

Vows profits

By Cade Metz • Get more from this author

Posted in Financial News, 6th November 2008 01:04 GMT

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AMD has cut another 500 employees, vowing a return to the days when it actually made money.

As reported by The AP, the shrinking chip maker said it would axe 3 per cent of its workforce on Wednesday, less than eight months after its last round of heavy layoffs. In April, 1,600 souls were let loose

AMD had not responded to requests for comment as of the time of writing. But according to The AP, the cuts will affect all AMD departments save the company's manufacturing operations - which will soon be spun off into a separate operation.

The creation of The Foundry Company is another desperate effort to save cash. The new company is a joint venture with the Advanced Technology Investment Company (ATIC), an investment arm of the Abu Dhabi government.

AMD posted a $67m net loss in third quarter - and that's a big improvement over Q2, when it lost $1.19bn. Over the past two years, Chipzilla's whipping boy has lost of total of $5.6bn. ®